The Economic and Financial Crimes Commission (EFCC) on Wednesday, March 11, announced the launch of the National Terrorist Financing Risk Assessment (NTFRA) for Non-Profit Organizations (NPOs) in Abuja.
The initiative aims to evaluate and mitigate risks of terrorist exploitation within the sector, strengthen regulatory oversight, and ensure that charitable organizations continue to operate with transparency, integrity, and public trust.
During the launch on Tuesday, the EFCC chairman, Ola Olukoyede, represented by his chief of staff, Michael Nzekwe, highlighted the vital role NPOs play in Nigeria’s socio-economic development.
He lauded their commitment to humanitarian aid, their efforts in supporting vulnerable populations, promoting education and healthcare, and assisting the government in delivering essential social services.
He emphasized that while NPOs are recognized by the Financial Action Task Force (FATF) for their contributions, they remain vulnerable to exploitation for terrorism financing if appropriate safeguards are not implemented.
Olukoyede noted that the launch of the NTFRA represents a critical step in strengthening the sector’s integrity, providing an evidence-based understanding of the nature and extent of terrorist financing risks, and informing the development of risk-based regulatory and supervisory measures.
He urged stakeholders to cooperate fully with the assessment, stating that their transparency and contributions will be vital in ensuring that the risk assessment accurately reflects the realities of the sector and fortifies Nigeria’s Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) framework.
The minister of budget and economic planning, Abubakar Atiku Baguda, commended the EFCC and the Special Control Unit Against Money Laundering (SCUML) for bringing civil society organizations together.
He stressed the importance of collaboration, knowledge sharing, and commitment from all stakeholders in the fight against money laundering and terrorist financing.
The deputy commander of the EFCC and SCUML director, Harry Erin, praised NPOs for their contributions to national development and noted that the NTFRA will allow Nigeria to reassess changes in the terrorist financing risk profile of the sector since the last evaluation in 2023.
He added that this will help refine the existing risk-based supervisory approach to align with current realities and the sector’s progress.
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