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The Nigeria Financial Intelligence Unit has revealed new tactics allegedly being used by terrorist financiers to move funds, including the use of bank accounts belonging to women and telephone lines registered in the names of deceased persons.

The revelation was contained in the NFIU’s 2025 Annual Report, which also identified crowdfunding, proxy accounts and remittance platforms as channels increasingly exploited to finance terrorist activities.

According to the report, foreign-based facilitators have been using social media to solicit donations purportedly meant for humanitarian or educational causes before routing the proceeds through several layers to operatives in Nigeria.

The agency said donors were often encouraged to make relatively small payments which were subsequently consolidated in accounts controlled by senior members of the networks.

The funds were then split into smaller transfers and sent through international money transfer operators and remittance applications to individuals acting as money mules.

The NFIU identified students, small business owners and relatives among those allegedly used to receive the funds, which could later be converted to cash or used to acquire items such as motorcycles, fertiliser and satellite communication equipment.

The agency also raised concern over the use of women as fronts, saying terrorist financiers sometimes opened accounts in the names of wives, sisters or female associates while secretly controlling the cards, PINs and mobile banking credentials.

It added that pre-registered SIM cards and telephone numbers linked to deceased persons were being used for mobile banking and transaction alerts, making it difficult for investigators to establish the real beneficiaries of suspicious transactions.

The report further noted that some terrorist cells, including those linked to the Islamic State West Africa Province, employed coded or seemingly ordinary transaction descriptions to conceal the purpose of payments and evade automated banking filters.

Security analysts subsequently urged financial institutions and intelligence agencies to strengthen identity verification, intelligence sharing and tracking of illicit financial flows.

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The President of the Senate, Senator Godswill Obot Akpabio, has congratulated the Sultan of Sokoto and President-General of the Nigeria Supreme Council for Islamic Affairs (NSCIA), His Eminence, Alhaji Muhammad Sa’ad Abubakar III, CFR, mni, on the occasion of his 70th birthday.

In a congratulatory message through his Special Adviser on Media and Publicity, Hon. Eseme Eyiboh, the President of the Senate described the revered Islamic leader as an exemplary statesman whose life has been defined by service, wisdom, faith and an unwavering commitment to the peace, unity and progress of Nigeria.

Senator Akpabio commended the Sultan’s distinguished reign, noting that his leadership has consistently reflected grace, wisdom, courage and a profound sense of responsibility to the nation.

“Your reign as the Sultan of Sokoto has been defined by grace, statesmanship and an unwavering commitment to peace, unity and national cohesion. At 70, you remain a father to all and a moral compass for our nation.

“Today, we celebrate not merely the years you have attained, but the remarkable impact of your life and leadership. The bridges you have built across our diverse nation, your advocacy for good governance, peaceful coexistence and national unity, as well as your commitment to the dignity and welfare of all Nigerians, constitute a remarkable legacy of service.

The President of the Senate further acknowledged the Sultan’s influential role in promoting interfaith dialogue, peaceful coexistence and national reconciliation, stressing that his voice of wisdom and moderation remains invaluable at a time when Nigeria needs greater understanding, tolerance and unity.

Senator Akpabio, on behalf of his family, constituents and the 10th Senate, prayed Almighty Allah to grant the Sultan many more years in good health, wisdom and strength, so that he may continue his noble service to the Ummah and the Federal Republic of Nigeria.

“As you mark this significant milestone, may Almighty Allah continue to preserve, strengthen, and bless you with many more years of good health and fulfilment. May your reign continue to be a source of peace, wisdom and inspiration to the Ummah and to our beloved Nigeria.”

Happy 70th Birthday, Your Eminence. May Allah continue to bless and preserve you in His service and in the service of humanity and our nation.

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The Nigerian naira remained relatively stable against the United States dollar on Tuesday, August 25, 2026, as traders continued to monitor developments in the official and parallel foreign exchange markets.

The latest available Nigerian Foreign Exchange Market (NFEM) data put the naira at about ₦1,346.49 per dollar, while the official closing rate was ₦1,346.90/$ in the most recent confirmed trading session. The Central Bank of Nigeria (CBN) says the NFEM rate is derived from the volume-weighted average of transactions in the official market.

However, a live USD/NGN market benchmark on Tuesday morning was around ₦1,347.26 to the dollar, indicating that the currency was trading close to its recent official-market levels.

In the parallel market, the dollar was quoted at about ₦1,400/$ on Tuesday, according to the latest Aboki Forex data. This puts the street-market premium at roughly ₦53.10 above the latest official closing rate.

At the parallel-market rate of ₦1,400/$, $100 would exchange for about ₦140,000, while $1,000 would be worth approximately ₦1.4 million.

The latest figures show that the gap between the official and parallel markets has remained relatively contained compared with periods of severe foreign exchange volatility.

The naira had strengthened in the official market in recent sessions. On August 21, the NFEM rate stood at ₦1,346.49/$, while the dollar closed at ₦1,346.90. The currency had traded between ₦1,342 and ₦1,348 during that session.

The naira’s recent performance has been supported by improved foreign exchange liquidity and stronger external reserves. CBN data cited in recent market reports showed Nigeria’s external reserves at about $52.66 billion as of August 19.

For Nigerians and businesses buying or selling dollars, the actual rate may vary depending on the bank, Bureau de Change operator, location, transaction size and prevailing market conditions.

Parallel-market quotations are also subject to changes during the day as dollar demand and supply shift.