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A look at Boko Haram’s financing

April 4, 2014

Boko Haram has enough money to buy its own artillery now according to Voice of America. Analysts interviewed by VOA said there probably isn’t enough funding within Nigeria for buying heavy weapons, indicating that much of Boko Haram’s funding comes from abroad. Several revenue sources were named:

Foreign sources

  • West African piracy
  • Drug smuggling
  • Unrest from the Arab Spring has created and weapons trafficking “highway” to Nigeria

Domestic sources

  • Bank robberies
  • Stealing from the Nigerian military

In addition to the Boko Haram bank robberies, previous Money Jihad coverage has shown that zakat has been funneled by Boko Haram supporters through Nigerian banks to fund terrorist operations.

4 comments

  1. […] Boko Haram has enough money to buy its own artillery now according to Voice of America. Analysts interviewed by VOA said there probably isn’t enough funding within Nigeria for buying heavy weapons,…  […]


  2. Reblogged this on Financial Crime Asia and commented:
    Terrorist financing: how Boko Haram funds its operations.


  3. […] Haram has previously relied on bank robberies and raids on army depots to fund and arm their activities. Demanding jizya […]


  4. Reblogged this on visionvoiceandviews and commented:
    Troubling!



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