The Nigerian Financial Intelligence Unit (NFIU) has raised the alarm over a new method being used by terrorists and extremist groups to raise funds for their criminal activities.

According to the agency’s 2026 Annual Report released on Monday, terrorists are using the SIM cards of deceased persons to collect illicit funds and evade financial monitoring.

The NFIU also revealed that terrorist financiers were opening bank accounts in women’s names while using phone numbers for mobile banking and account alerts that were not registered to the actual account holders or beneficiaries.

The agency said some terrorist financing networks were operating crowdfunding schemes through foreign-based facilitators who used social media to solicit donations under the guise of humanitarian relief or educational support.

According to the report, the funds were later moved through multiple layers before reaching terrorist operatives in Nigeria.

The NFIU said hundreds of sympathisers were encouraged to contribute between $50 and $500 through PayPal pages or conventional bank accounts, with the amounts deliberately kept low to avoid triggering automated anti-money laundering alerts.

It explained that foreign-based facilitators promoted the fundraising campaigns on social media and used encrypted messaging platforms to circulate payment links and bank account details.

The funds were then reportedly pooled in master accounts controlled by senior members of the groups living legally outside Nigeria.

“Terrorists are now using dead people’s SIM cards to raise funds. When the pool reaches a threshold, that account becomes the hub for onward movement,” the report stated.

The agency added that the funds were subsequently divided into dozens of smaller transactions and transferred through international money transfer operators and remittance applications to a network of money mules in Nigeria.

The NFIU is responsible for collecting and analysing financial disclosures from reporting organisations and generating intelligence to support the fight against money laundering, terrorism financing and other financial crimes.

Terrorists Using Dead People’s SIM Cards to Raise Funds – NFIU

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