Banks required to report Boko Haram financial dealings.

The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to report all business dealings with the now outlawed Islamic sect, Boko Haram.

According to a letter entitled: “Terrorism Prevention, Proscription Order Notice 2013, signed by the Acting Director of the CBN’s Financial Policy and Regulation Department, Mr I. T Nwaohe and addressed to financial institutions operating in the country, the apex bank said the directive was in line with the recent declaration of both Jama’atu Ahlis-Sunna Lidda’awati Wal Jihad (Boko Haram) and a similar group, the

Jama’atu Ansarul Muslimina Fi Biladis Sudan, as terrorist organisations.

Banks and other financial institutions will be required to check their data base for links with the two terrorist organisations and that of their associates and report to it, adding that “where no account or business relationship are maintained for any of the proscribed names or their associates, a nil return should be rendered.”

It will be recalled the Goodluck Jonathan administration recently declared the activities of the Boko Haram sect illegal and as acts of terrorism.

“The proscription order warned the general public that any person participating in any form of activities involving or concerning the collective intentions of the said groups will be violating the provisions of the Terrorism Prevention Act,” Special Adviser to the President on Media and Publicity, Reuben Abati, announced in a statement.

Section 5 (1) of the act prescribes a term of imprisonment of not less than 20 years for any person who knowingly, in any manner, directly or indirectly, solicits or renders support to the commission of an act of terrorism or to a terrorist group.

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