TERROR FINANCING IN A MULTICULTURAL AND TRANSITIONAL DEMOCRACY: EVIDENCE FROM NIGERIA

Abstract

This paper is a modest but valid examination of the intricate web of the phenomenon of terror financing in Nigeria – a country that has an interesting mosaic of multicultural and transitional democracy. Relying extensively on a mixed-methods approach, the study navigated the nebulous sources, routes and modus operandi of terror financing in the country. The findings of the study clearly showed that terror financing in Nigeria is situated within the ambit of pervasive corruption, money laundering, informal financial systems, multiculturalism and religious bigotry and dynamics, and indeed post-colonial historical vestiges and grievances. The study also identified magnified vulnerabilities and lacuna in the nation's financial institutional regulatory framework and enforcement capacities. Consequently, the study therefore stressed the urgent need for a comprehensive and implementable approach to attenuate terror financing in Nigeria. Some of these recommendations include; overhauling and fortifying the entire regulatory frameworks, vigorous and concerted international and multilateral cooperation, re-orientation aimed at addressing socio-cultural and extreme religious narratives that accentuate violence and crime. Finally, the study also advocated for aggressive steps to ensure rapid economic development, social welfare, inclusion and the general wellbeing of the entire citizenry.