UK Department Of Treasury Partners Nigeria’s Corporate Affairs Commission To Fight Terrorism Financing

Nigeria’s fight against terrorism financing will soon receive a boost following an assessment visit to the Corporate Affairs Commission (CAC) by a team from the United Kingdom Department of Treasury (HMT).

A statement issued by CAC’s Head of Media, Mr. Rasheed Mahe, yesterday in Abuja, gave the indication following an in-country assessment meeting held between the UK Treasury Department and the commission.

According to the statement, the head of the assessment team, Allison Kelly, supported by Ian Collins, said the meeting was aimed at evaluating performance, peer review and generating inputs that would lead to greater efficiency, among others.

Kelly revealed that the team had held similar meetings with other relevant government agencies with a view to identifying the areas for the HMT’s intervention.

At the meeting, there were separate presentations from some CAC officials, including the Director Compliance, Justin Nidia Biraol, who spoke on the “Use of Legal Persons for Terrorism Financing, The Use of Beneficial Ownership Information to aid Terrorism Financing Investigations.”

The Special Assistant to the Registrar General, Terver Ayua-Jor, also dwelled on “Identifying Beneficial Ownership of Companies Involved or Used in Terrorism Financing”.

The Director Incorporated Trustees, Olutoyin Abe, spoke on the “Registration of NGOs” and the challenges associated with post incorporation.

While CAC’s Head of ICT, Ambrose Obeta, highlighted some challenges and rolled out areas of possible collaboration and support from the vising HMT team, that would enable the Commission operate at par with its global peers in the area of combating terrorism financing.

In his remark, the Registrar General of the commission, Alhaji Garba Abubakar, expressed delight over the visit which, he said, had huge potential in enhancing, among others, the Commission’s enforcement of compliance related matters.

Represented by the Director of Customer Service, Mrs. Ifeoma Isaac, Abubakar pledged CAC’s support to realising the objective of the meeting, which was a follow up to a workshop earlier held in the UK.

He noted that the meeting was also to discuss findings and address deficiencies witnessed in Nigeria’s fight against terrorism financing and proliferation financing.

Terrorism financing is the act of providing financial support, funded from either legitimate or illegitimate sources, to terrorists or terrorist organisations to enable them carry out terrorist acts.