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Revealed! How Middle Eastern Backers Fund Boko Haram
Boko Haram’s recent attacks are notable for the expensive military hardware on display. Where is it getting funds to acquire these hardware?
The Independent reports on the sources of this money, from wealthy Middle Eastern backers to the black market
If there was an exact moment that the international community understood the breadth of Boko Haram’s evil, it came last month, when the group’s leader grinned and announced that he would sell more than 200 kidnapped schoolgirls in his “market of selling human beings”.
Behind Abubakar Shekau, a man who rose to the top of Boko Haram through unmatched brutality and religious fanaticism, loomed several armoured vehicles.
Local experts said the video was likely to have been filmed in the remote Sambisa forest in north-eastern Nigeria. The juxtaposition between rural land and advanced machinery made a jarring contrast.
Despite the poverty of northern Nigeria – where 70 per cent of people live on less than 60p a day – the Boko Haram terrorist group has at its disposal a seemingly limitless amount of heavy weaponry, vehicles, bombs and ammunition that it uses to kill with unfathomable wantonness.
The Islamic militants, masquerading as members of the military, raided three villages in north-eastern Nigeria this week and killed 400 villagers “from house to house” using “sophisticated weapons”, one local leader told Bloomberg.
Dozens more Boko Haram members arrived at another village, Bargari, disguised as preachers and assembled all those living in the village, ostensibly to teach Islam. Once they had gathered, another “large number of terrorists” arrived and “opened fire on the congregation”, one resident told Nigeria’s Daily Post.
“The gunmen numbering 20 ambushed the village with four Toyota Hilux vehicles, AK-47 rifles, improvised explosive devices, and petrol bombs,” the paper said.
Saleh Mohammed, a member of Civilian JTF – one of a number of vigilante groups that have sprung up to fight the militants – told Reuters: “Boko Haram wreaked havoc in the villages. They burned houses and killed people mercilessly after tricking the residents.”
The expensive equipment on prominent display soon prompted questions about who was funding Boko Haram’s campaign of slaughter.
According to a survey of academic, governmental and journalistic accounts, Boko Haram funds its escalating acts of terror through black market dealings, local and international benefactors, and links to al-Qa’ida and other well-funded groups in the Middle East.
Analysts say its fundraising apparatus is intricate and opaque. “The actual source of the funding is as elusive as the militants themselves,” Heather Murdock wrote for Voice of America.
The story of Boko Haram’s fundraising began after the 2001 terrorist attacks on the World Trade Centre and the Pentagon.
The group’s original leader, a charismatic cleric named Mohammed Yusuf, who was later killed, founded the group in 2002 pushing an alternative to Western education, which he claimed undermined Nigeria’s development. (The group’s Hausa name translates as “Western education is sin”.)
Around that time, Osama bin Laden sent an aide to Nigeria with about £1.8m in local currency to dispense among groups that shared al-Qa’ida’s mission to impose Islamic rule. One of the “major beneficiaries”, the International Crisis Group said, was Boko Haram.
EJ Hogendoorn, the International Crisis Group’s deputy programme director for Africa and an author of the report, told The Daily Beast: “What I can tell you from talking to lots of conservative Muslims in Nigeria is that there was a lot of money coming into northern Nigeria. There are many sources of that money. One of those sources was from al-Qa’ida.”
The connection between Boko Haram and al-Qa’ida – and its money – perhaps deepened when Yusuf fled to Saudi Arabia to escape one of Nigeria’s first crackdowns on the terrorist group. It remains unclear what happened while he was in Saudi Arabia, or who he met, but Boko Haram leaders have later said that much of their funding comes from al-Qa’ida.
A Boko Haram spokesman said in 2011: “Al-Qa’ida are our elder brothers. We enjoy financial and technical support from them. Anything we want from them we ask them.”
But even such alleged financial connections with al-Qa’ida cannot explain Boko Haram’s money. The group reportedly also gets cash from Islamic terrorist groups such as al-Shabaab in Somalia and local al-Qa’ida affiliates.
Then there’s the black market money. Beyond a hatred of Western education, economic motives may have also driven Boko Haram’s recent abduction of the schoolgirls. A robust and terrifying slave market exists in Nigeria and neighbouring countries.
The Combating Terrorism Centre at West Point, the US military academy, said: “Kidnapping has become one of [Boko Haram’s] primary funding sources, a way to extract concessions from the Nigerian state and other governments, and a threat to foreigners and Nigerian government officials.”
Experts now estimate that kidnapping is worth “millions of dollars in ransom money” to the militants.
What experts agree on is that one of the best ways to stall Boko Haram is to cut off its funding. But how to do that remains unclear. The group is an entrenched part of life in northern Nigeria, possessing control and influence, and even collecting taxes.
Next week, Foreign Secretary William Hague will host a meeting of African and Western officials in London aimed at stepping up efforts to defeat the militants. Its effectiveness may hinge on the West’s ability to cut off the group’s funding
Federal Government on Thursday announced a nine-month programme beginning on October 31 that allows individuals to deposit dollar bills held outside the formal banking system without scrutiny.
Wale Edun
It said the new initiative aims to address the rising costs of commodities influenced by the foreign exchange rate, driven by demand and supply dynamics.
Wale Edun, finance minister and coordinating minister of the Economy, revealed this after the 144th meeting of the National Economic Council, the country’s highest economic advisory body, chaired by Vice President Kashim Shettima at the State House, Abuja.
“There will be no penalty; there will be no taxes, and there will be no questions,” he told journalists at a briefing after Thursday’s conclave.
Edun said that, under this programme, individuals can bring in U.S. dollars in cash without facing penalties, taxes, or scrutiny, provided that the funds are not linked to criminal or illicit activities.
Participants will only need to meet the standard Know-Your-Customer requirements set by banks to secure these funds, integrate them into the financial system, and make them accessible for legitimate economic activities.
He explained, “One element of the cost increase is the foreign exchange rate, which is demand and supply. There will be a programme starting today, October 31, and lasting nine months that will allow people to bring in cash outside the banking system.
“[Such cash] is unsafe, insecure and outside legal limits. They will be allowed forbearance to bring dollars cash. Let me emphasise once again: it is to bring dollars that they are holding outside the system to get them in and credit it to their bank accounts, as long as it is not proceeds of crime or illicit money.
“They should just meet the standard Know-Your-Customer criteria of banks and have an opportunity to bring in those funds, making them safe, secure, and available through regular economic activity.
Edun said his ministry will first issue guidelines for the programme, followed promptly by additional guidelines from the Central Bank.
According to the Minister, this measure offers law-abiding individuals a way to formalise their cash holdings. It also provides the financial system with additional dollar reserves, which may help to stabilise the exchange rate.
“This is an opportunity, not just for people who would normally like to comply, to be compliant with the laws and normal business practice, but of course, it allows us to bring those dollars from where they are doing nothing to where they are within the financial system, they add to our reserves, and of course can help with the exchange rate,” he added.
Edun equally gave an update on government economic relief measures, saying 25 million Nigerians have benefitted from federal social protection initiatives, including digital outreach, microenterprise loans, and sector-specific support for power, agriculture, manufacturing, health, and compressed natural gas initiatives.
Wema Bank has announced the launch of the Wema Export Trade Academy, a comprehensive training programme designed to equip Nigerian Small and Medium Enterprises (SMEs) with the essential skills and tools needed to succeed in the competitive landscape of global trade.
Moruf Oseni, the Managing Director and Chief Executive Officer of the bank, this initiative represents Wema Bank’s commitment to enhancing the capacity of Nigerian businesses, supporting their ambitions to thrive on an international scale.
Oseni said the Wema Export Trade Academy is designed as a solution to these challenges faced by Nigerian SMEs when entering international markets.
The Academy is specifically structured to address each critical aspect of global trade, providing SMEs with targeted guidance on compliance, documentation, financial planning, and risk management.
Through the Wema Export Trade Academy, SMEs will benefit from expert-led sessions, mentorship from industry professionals, and practical insights into international business practices, positioning them to make significant contributions within global markets.
The programme also places emphasis on building a network of Nigerian exporters, encouraging peer support and collaboration, while fostering connections between businesses and international trade facilitators.
Oseni said: “This holistic approach to export training will enhance efficiency and productivity, empowering Nigerian businesses to become competitive players in the global economy.
“The Wema Export Trade Academy reinforces Wema Bank’s dedication to building the capacity of Nigerian businesses and supporting their evolution into formidable global competitors.
“By addressing the barriers in export trade, we are enabling Nigerian SMEs to seize new opportunities in international markets, which aligns with our vision to empower lives and support sustainable business growth.
“The Wema Export Trade Academy embodies Wema Bank’s pioneering spirit and commitment to providing SMEs with practical, impactful solutions.
“With comprehensive training on export processes and access to strategic financial products, the program stands as a testament to Wema Bank’s role as an enabler of growth for Nigerian enterprises.
“Wema Bank continues to set the standard for innovation within Nigeria’s financial services industry, supporting individuals and businesses across various sectors to achieve sustainable growth.
“The Wema Export Trade Academy represents the latest stride in Wema Bank’s mission to empower Nigerian SMEs, further strengthening its reputation.”
MTN Foundation is set to celebrate a milestone—its 20th Anniversary—with a series of events designed to reflect on its contributions to communities across Nigeria.
The anniversary conference will take place on November 6, 2024, in Abuja, while the celebratory dinner is scheduled for November 14, 2024, in Lagos.
These events will bring together key stakeholders from both the public and private sectors, highlighting the Foundation’s commitment to sustainable development and community engagement.
Since its inception in 2004, the Foundation has been at the forefront of corporate social responsibility (CSR) initiatives in Nigeria. It was one of the first corporate entities in the country to establish a dedicated foundation for managing CSR activities.
The Foundation was officially commissioned in May 2005, with MTN Nigeria Communications PLC pledging to allocate up to 1% of its Profit After Tax (PAT) for funding various projects aimed at improving lives across the nation.
Over the past two decades, the Foundation has invested over NGN 24.73 billion into impactful projects that span all 36 states and the Federal Capital Territory (FCT). With more than 1,023 project sites across Nigeria, the Foundation has successfully executed 50 unique projects, reaching over 31 million people.
These initiatives have addressed critical areas such as education, health, youth empowerment, and arts and culture, making a significant difference in the lives of countless Nigerians.
As part of this celebration, the Foundation will unveil its new logo along with refreshed mission and vision statements.
This rebranding effort symbolizes a renewed commitment to its core values and goals as it looks toward the future.
Odunayo Sanya, Executive Director of MTN Foundation, expressed her enthusiasm for the upcoming celebrations and reflected on the journey thus far.
“This anniversary is both a celebration of our impact in Nigeria and a commitment to do more,” Sanya stated.
“We have always believed in the power of collaboration and community engagement to drive meaningful change.
“As we gather to reflect on our journey, we look forward to engaging with our partners and stakeholders to explore new avenues for sustainable development.”
The upcoming anniversary events aim to foster dialogue among leaders from various sectors, encouraging collaboration that can lead to innovative solutions for pressing societal challenges.
The conference will feature keynote speakers and panel discussions around national development and youth empowerment, as well as interactive sessions designed to inspire participants and share best practices in CSR and community development.
In addition to its focus areas, the Foundation has been instrumental in promoting digital literacy among Nigerian youth through various educational programs. By leveraging technology as a tool for empowerment, the Foundation has equipped thousands of young people with skills necessary for success in an increasingly digital world.
The anniversary conference and dinner are expected to be engaging experiences that will not only celebrate two decades of impact but also set the stage for future initiatives aimed at fostering community growth and resilience.
By bringing together diverse stakeholders, MTN Foundation hopes to ignite conversations that lead to actionable strategies for addressing Nigeria’s most pressing challenges.
The upcoming anniversary events promise to be an inspiring celebration of progress made while looking forward to new horizons in community development.
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