NFIU uncovers how terrorist financiers use women’s bank accounts, crowdfunding in operations

Terrorist financiers are opening bank accounts in women’s names and secretly using them to move illicit funds, according to the Nigerian Financial Intelligence Unit (NFIU).

NFIU, in its recently released 2025 Annual Report, stated that the tactic was among the emerging terrorist-financing methods identified in its analysis of financial crime trends for 2025.

It said terrorists’ male commanders and logistics managers secretly control accounts opened in the names of wives, sisters and female associates.

“Terrorist financiers are opening bank accounts in women’s names while male commanders and logistics managers secretly control them.

“They exploit cultural norms that make women less likely to be suspected by authorities, using wives, sisters, or female associates as fronts to distance illicit funds from the true operatives,” the report stated.

Some of the women whose accounts were used may have remained unaware of the transactions and the volume of funds moving through their accounts, the report revealed.

It also identified disconnected phone registration as another method used by terrorist facilitators.

The Unit described the practice as identity laundering, saying the men may possess the ATM cards, mobile-banking credentials and PINs associated with the accounts.

“This tactic functions as identity laundering: women’s accounts are managed by men who hold ATM cards, mobile-banking credentials, and PINs, while the women often remain unaware of the transactions and volumes,” it said.

Phone numbers

According to the report, facilitators use phone numbers for mobile banking or account alerts that are not registered to the actual account holder or beneficiary.

The Unit said pre-registered SIM cards, SIMs registered to deceased persons and SIMs connected to gender-based proxies could be…