Section 21: Financing of terrorism.

(1) A person or entity, within or outside Nigeria, in any manner, who, directly or indirectly, and willingly provides, solicits, acquires, collects, receives, possesses, or makes available property, funds or other services, or attempts to provide, solicit, acquire, collect, receive, possess or make available property, funds or other services with the intention or knowledge, or having reasonable grounds to believe that it will be used, in full or in part to—
(a) finance a terrorist or terrorist group,
(b) commit an offence under this Part, or an offence specified in any relevant law or enactment referred to under this Act, or
(c) do any other act intended to cause death or serious bodily injury to a civilian or any other person not taking active part in the hostilities in a situation of armed conflict, when the purpose of that act, by its nature or context, is to intimidate a group of people or to compel a government or an international organisation to do or abstain from doing any act, commits an offence.
(2) A person who commits an offence under subsection (1) is liable on conviction to—
(a) in the case of a natural person, life imprisonment; or
(b) in the case of a body corporate—
(i) a fine of at least N200,000,000,
(ii) imprisonment of principal officer for a term at least 20 years and up to a maximum of life imprisonment, and
(iii) the winding up of the body corporate, and its prohibition from reconstitution or incorporation under any form or guise.
(3) A person who knowingly or intentionally enters into or becomes involved in an arrangement—
(a) which facilitates the acquisition, retention, or control of terrorist fund, by or on behalf of another person, by concealment, removal out of jurisdiction, transfer to a nominee or in any other way, or
(b) as a result of which funds or other property is to be made available for the purposes of terrorism or for the benefit of a specified entity or proscribed entity,
commits an offence.
(4) A person who commits an offence under subsection (3), is liable on conviction to—
(a) in the case of a natural person, imprisonment for a term of at least 20 years and up to a maximum of life imprisonment; and
(b) in the case of a body corporate—
(i) to a fine of at least N200,000,000,
(ii) the prosecution of the principal officers of the corporate body, who on conviction, shall be liable to imprisonment for a term of at least 20 years and up to a maximum of life imprisonment,
(iii) the winding up of the corporate body, and
(iv) its prohibition from reconstitution or incorporation under any form or guise.
(5) An offence under this section shall apply, regardless of whether the person alleged to have committed the offence is in the same country as, or in a different country from the one in which—
(a) the terrorist, terrorist group, or proscribed entity is located; or
(b) the terrorist act occurred or is planned to occur.
(6) In proving the offence of terrorism financing, it shall not be required that the funds—
(a) were actually used to carry out an act of terrorism;
(b) were used to attempt an act of terrorism; or
(c) be linked to a specific act of terrorism.
(7) For the purpose of this section, intention or knowledge may be inferred from objective factual circumstances.