Terrorism, A Global Phenomenon Threat to Banking and Tourism Sectors in Nigeria: A True Story.
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Date
2015-05
Journal Title
Journal ISSN
Volume Title
Publisher
European International Journal of Science and Humanities
Abstract
The research study examined terrorism, a global phenomenon threat to banking and tourism sectors in
Nigeria: A true story. The global attention began its focus on embassy bombing, aircraft hijacking and
9/11 terrorists-attack in 2001, which have now moved to the shore of Africa, particularly in North-
East Nigeria, which may be assumed as ‘Third World War’. The banking and tourism sub-sectors’
operations have been completely distorted due to the operations of the terrorist, ‘Boko-Haram’.
Forcing banks to close down operations indefinitely and tourists’ have been discouraged to visit
Nigeria, thereby reducing the Foreign Direct Investment (FDI), with a strong decline in national
economic growth. Data were collected through questionnaire administered on the responses of the
respondents. A simple linear regression technique (Ordinary Least Square) was adopted to address the
significant relationship among the responses of the respondents gathered though the research
instrument. The paper concluded that with high degree of information and human capital technology,
the channeling of funds were made with ease and speed, which could be traced to terrorist accounts
(capital flow) for the purpose of financing their deadly activities; which served as a threat to national
economic growth. The paper advised government ministries, agencies and departments (MDAs),
operators, regulators, and other policymakers etc., to enhance intelligence so as to assist financial
institutions to “red flag” potential terrorist transactions for checking against the financial institutions’
records; and financial institutions (banks) should always expect feedback on the usefulness of the
suspicious transactions reports they provide either to domestic or international financial intelligence
units.
Description
Keywords
Yankari Game Reserve, Tourism sector, Banking sector, Terrorists, Central Bank of Nigeria (CBN), Nigerian Deposit Insurance Corporation (NDIC), Nigeria
Citation
Okhiria A. O, Obadeyi J. A. (2015) Terrorism, A Global Phenomenon Threat to Banking and Tourism Sectors in Nigeria: A True Story.