By Aliyu Dahiru
Beneath the violence that has come to define the Islamic State West Africa Province (ISWAP) lies a highly organised financial ecosystem sustaining their operations. Fuelled by a complex blend of taxation, extortion, smuggling, and ideological justification, the groups have transformed parts of northeastern Nigeria into a conflict-driven economy.
For over a decade, terrorists have waged war against Nigeria and its neighbouring countries, displacing millions and wreaking havoc on communities. They took control of some civilian communities, collecting taxes, enforcing laws, and offering basic welfare, particularly within their strongholds around Lake Chad.
In recent times, HumAngle has uncovered how these groups have moved beyond the conventional tactics of ransom collection and taxation. They are now tapping into the dark web to generate revenue, exploiting the anonymity of cryptocurrencies to evade traditional financial surveillance. This marks a strategic shift by Islamic State affiliates, especially as the core group struggles with diminished income following its territorial losses in Iraq and Syria.
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