A United Nations reports has revealed how Boko Haram is funded and according to the report, the predominance of the cash economy is a major factor fuelling the nefarious activities of the group in the Lake Chad Basin region.
This was contained in the 22nd Report of the Analytical Support and Sanctions Monitoring Team, pursuant to resolution 2368 (2017) concerning Islamic State in Iraq and the Levant – ISIL – (Da’esh), Al-Qaida and associated individuals and entities.
The report identified extortion, charitable donations, smuggling, remittances and kidnapping as parts of ways Boko Haram is funded, Premium Times reports.
The report was submitted to the Security Council Committee pursuant to resolutions 1267 (1999), 1989 (2011) and 2253 (2015) concerning ISIL (Da’esh), Al-Qaida and associated individuals, groups, undertakings and entities.
The Boko Haram insurgency in Northern Nigeria has caused over 100,000 deaths. The activities of the country’s security forces have largely limited the terrorists to three North-east states of Adamawa, Borno and Yobe. Nigerian forces are also working with those of neighbouring countries, Chad and Niger, in a multi-national force to defeat the terrorists.
In its report, the UN said the number of doctrinally based non-governmental organisations sending funds to local terrorist groups was growing, and Member States were concerned that radicalisation was increasing the threat level in the Sahel.

The report said:
“Meanwhile, Boko Haram (QDe.138) and the Islamic State West Africa Province (ISWAP) have had a similar impact in their areas of control, including the Lake Chad basin.
“The predominance in the region of the cash economy, without controls, is conducive to terrorist groups funded by extortion, charitable donations, smuggling, remittances and kidnapping.
“In Nigeria, 111 schoolgirls from the town of Dapchi were kidnapped on 18 February 2018 and released by ISWAP on 21 March 2018 in exchange for a large ransom payment,” the report stated.

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