23 Suspected Terrorism Financiers Uncovered

THIS DAWN — A sweeping financial intelligence investigation has uncovered a network of 23 suspected financiers of terrorism.

These include Nigerian businessmen, bureau-de-change operators, public officials, and international associates.

They are linked to billions of naira in suspicious transactions, cross-border money movements, and repeated references in UAE court judgments involving convicted Boko Haram collaborators.

Documents and intelligence obtained by Sahara Reporters show that the Nigerian individuals allegedly ran extensive network channeling funds to convicted terrorists through hundreds of bank accounts across at least 20 financial institutions.

The report showed that many of them were arrested in 2021 before being quietly released.

Sources familiar with the investigation described the findings as “the most comprehensive financial map of Boko Haram’s funding architecture ever identified within Nigeria.”

A Web of Domestic Terrorism Financiers

At the center of the Nigerian terrorism cell is Alhaji Saidu Ahmed, a Zaria-based businessman accused of operating as a major pipeline for Boko Haram’s funding operations.

His accounts reportedly recorded N4.8 billion in inflows, with direct links to convicts named in UAE court proceedings.

Another key suspect, Usaini Adamu of Kano, allegedly served as a guarantor and facilitator for terrorist logisitics.

Investigators say his 111 BVN-linked accounts saw inflows surpassing N43 billion and outflows above N50 billion.

Similarly, Muhammad Sani Adam, a trader operating between Kano and Yola, reportedly managed 41 accounts with inflows and outflows each exceeding N54 billion, much of it transferred to known convicts.

Several others—such as Abubakar Adamu Yellow (N61.4bn inflow), Murtala Abdullahi Jega, Sadiq Garba Abubakar, Mustapha Ibrahim Yakubu, and Ali Abdullahi Yusuf—were found to have conducted multi-billion-naira transactions with convicted individuals and their associates.

In many cases, the accounts ran into dozens or even hundreds, enabling complex layering of funds typical of money laundering operations.

One of the most striking cases is Yusuf Ghazali, a Kano-based forex dealer linked to 385 accounts and mentioned in UAE judgments as a conduit for moving funds between Dubai and Nigeria.

International Network: Rwanda, Niger Connections

Investigators also uncovered international terrorism actors allegedly tied to the financing ring.

Among them is the late Tribert Rujugiro Ayabatwa, a Rwandan businessman whose 70 BVN-linked accounts reportedly moved N67 billion in inflows and N34 billion in outflows.

Both he and his son Paul Nkwaya are linked to Leaf Tobacco & Commodities, which received transfers from Nigerian suspects.

Another foreign suspect, Aboubacar Hima (“Petit”), a Nigerien arms dealer operating from Abuja, allegedly handled over $1.19 million in transfers from the UAE, in addition to other transactions tied to known convicts.

A Coordinated Funding Architecture

Investigators say the financial trails reveal an intricate system of terrorism, involving:

Forex trading and Bureau-de-Change networks
Layering of funds across hundreds of accounts
Cross-border transfers to the UAE, South Africa, and Niger
Direct links to individuals previously convicted for terrorism financing

Officials familiar with the case describe it as “a parallel economy built to sustain terror operations.”

Despite the scale of the findings, questions linger about the release of the initial Nigerian suspects arrested in 2021, a move described by sources as “highly questionable.”

Calls for Prosecution and International Cooperation

Security analysts say the revelations demand urgent prosecution, stronger banking oversight, and cooperation with foreign governments—especially the UAE, where many of the convicts were originally tried.

The investigation concludes that the terrorism network remains active and dangerous, with the potential to regenerate Boko Haram’s operations if not decisively dismantled.

See below a list of the local suspects as published by Sahara Reporters: