The effects of illicit financial flows on oil and gas revenue generation in Nigeria

Ibrahim, Umar Abbas; Mohammed, Zayyanu

doi:10.1108/jmlc-07-2020-0081

Cited by 4 publications

(2 citation statements)

References 10 publications

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“…Financial crimes, such as tax evasion, money laundering and terrorist financing, pose serious threats to national security and financial integrity of any country [Umar and Mohammed (2021); Organisation for Economic Co-operation and Development (OECD), 2019]. Criminals who benefit financially from money laundering and related crimes will attempt to prevent their illicit actions from being noticed by the relevant law enforcement authorities of any country, including Nigeria.…”

Section: The Nexus Between Terrorism and Money Launderingmentioning

confidence: 99%

The adequacy of the legal framework for combating money laundering and terrorist financing in Nigeria

Chitimira

Animashaun

2023

JMLC

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Purpose Banditry and terrorism constitute serious security risks in Nigeria. This follows the fact that Nigeria is rated as one of the leading states in the world that is plagued by terrorism. Terrorists and bandits usually embark on predicate crimes such as kidnapping, smuggling, narcotics trade, and similar trades to finance their terrorist enterprises in Nigeria. The funds realized by criminals from nefarious sources such as sales of narcotics and ransom from kidnapping are usually laundered to make their criminal enterprises self-sustaining. Thus, all “dirty” money is laundered so as not to attract the attention of law enforcement agents. The funds realized through receipt of ransom from kidnapping, smuggling or funds from sponsors are laundered through channels such as bureau de change, which are difficult to monitor by the Nigerian authorities due, in part, to flaws and loopholes in the current anti-money laundering and anti-terrorist laws. This paper aims to adopt a doctrinal and qualitative desktop research methodology. In this regard, the current anti-money laundering and anti-terrorist laws are discussed to explore possible measures that could be adopted to remedy the flaws and loopholes in such laws and combat money laundering and financing of terrorism in Nigeria. Design/methodology/approach The article analyses the regulation and combating of money laundering and terrorist financing activities in Nigeria. In this regard, a doctrinal and qualitative research method is used to explore the flaws in the Nigerian anti-money laundering laws so as to recommend possible remedies in respect thereof. Findings It is hoped that policymakers and other relevant persons will use the recommendations provided in this article to enhance the curbing of money laundering and terrorist financing activities in Nigeria. Research limitations/implications The article is not based on empirical research. Practical implications This study is important and vital to all policymakers, lawyers, law students and regulatory bodies in Nigeria and other countries globally. Social implications The study seeks to curb money laundering and terrorist financing activities in Nigeria. Originality/value The study is based on original research which is focused on the regulation and combating of money laundering and terrorist financing activities in Nigeria.

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Section: The Nexus Between Terrorism and Money Launderingmentioning

confidence: 99%

The adequacy of the legal framework for combating money laundering and terrorist financing in Nigeria

Chitimira

Animashaun

2023

JMLC

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“…The theory was used in the study by Umar and Mohammed, (2020) titled "the effects of IFFs on oil and gas revenue generation in Nigeria", the findings revealed that 10% of IFFs in Nigeria are from oil theft. The theory is relevant to this study because trade misinvoicing entails the movement of funds across different jurisdictions for money laundering to benefit from the proceeds.…”

Section: Theoretical Frameworkmentioning

confidence: 99%

Effects of trade misinvoicing on money laundering in developing economies

Umar

2021

JMLC

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Purpose This study aims to define the concepts and determine the extent to which trade misinvoicing influences money laundering activities in developing countries. Design/methodology/approach A qualitative research methodology was adopted using a descriptive synthesis of secondary data due to the heterogeneous nature of data sources (empirical evidence and content analysis). Findings Analysis revealed that in recent times trade misinvoicing accounts for over 20% of international trade value between developing and developed countries, and trade misinvoicing has been identified as a trade-based money laundering mechanism. Research limitations/implications Unavailability of homogenous data relating to trade misinvoicing among developing countries, different methods for measuring trade misinvoicing and inadequate high-quality research papers that led to the use of reports from reputable organisations. Originality/value To the best of the author’s knowledge, this study is among the few research works to assess the effects of trade misinvoicing and how it influences money laundering activities in developing countries.

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Links between terrorism financing and organised crime in Nigeria

Umar

2024

JFC

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Purpose This study aims to assess terrorism activities to identify measures required to mitigate the rise of terrorism activities and their metamorphosis into organised criminal activity through the prevention, disruption and dismantling of sources of financing terrorism. Design/methodology/approach A qualitative methodology was adopted for this study using descriptive synthesis from recent publications and reports of reputable organisations, i.e. relevant grey literature, key informant interview and a focus group discussion. This triangulation approach was used to cross-validate the findings. Findings The findings revealed that terrorism financing is most likely linked to organised crime for generating revenues and is further used to finance the activities of terrorists. Practical implications Terrorists operate from places with little or no presence of governance and, better still, ungovernable spaces for carrying out legitimate businesses, raising internally generated revenues from protection fees, ransoms and taxes. This space further allows domestic collaboration with local criminal gangs to exploit natural mineral resources. If the market for these resources is across borders, international or transnational criminal groups collaborate with terrorists to move the goods and assist with financial services for the generated proceeds. Originality/value This study assessed the emerging links between terrorism financing and organised crime in Nigeria.

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The effects of illicit financial flows on oil and gas revenue generation in Nigeria

Cited by 4 publications

References 10 publications

The adequacy of the legal framework for combating money laundering and terrorist financing in Nigeria

The adequacy of the legal framework for combating money laundering and terrorist financing in Nigeria

Effects of trade misinvoicing on money laundering in developing economies

Links between terrorism financing and organised crime in Nigeria

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