Navy Busts Militant Financing Network, Recovers Extorted N5.5m In Cross River

Nigerian Navy has disrupted a suspected militant financing network and recovered N5.5 million extortion at Dayspring Island, Cross River State.

A statement by the naval spokesman Navy Captain Abiodun Folorunsho said the operation carried out on Calabar waterways was conducted by personnel of Nigerian Navy Ship (NNS) VICTORY deployed at the Forward Security Outpost on Dayspring Island following credible intelligence on the activities of suspected militants operating within the Ini Abasi fishing settlement in Akpabuyo local government area.

He said intelligence reports had indicated that the location served as a meeting point and operational base for criminal elements who emerged from adjoining creeks to coordinate attacks, intimidate residents, extort fishermen and maritime transport operators, and perpetrate other criminal activities within the area.

He stated that the Naval personnel acting on the intelligence, conducted a targeted raid on the suspected hideout and carried out a thorough search of the area.

“Although the suspects fled upon sighting the advancing troops, the operation led to the recovery of several wraps of suspected cannabis sativa and a handwritten ledger containing names and monetary entries amounting to N5.529 million,” he said.

According to him, preliminary assessment suggests that the recovered document was used to record illegal levies imposed on local fishermen and maritime transport operators operating within the area.

“The proceeds from these extortion activities are believed to have served as a significant source of funding for militant operations and other criminal enterprises within the Dayspring Island axis,” he added.

The director reiterated that the operation represents a significant step in dismantling the financial and logistical structures that sustain criminal activities within the maritime environment.

“By targeting illicit revenue streams, the Nigerian Navy continues to degrade the operational capability of criminal elements and deny them the resources required to sustain their activities,” the statement reads.

The statement noted further that following the operation, naval personnel engaged community leaders and residents, reassuring them of the Nigerian Navy’s commitment to maintaining a sustained security presence and conducting intelligence-driven operations aimed at restoring lasting peace and security within the waterways. He reaffirmed the Nigerian Navy’s commitment to sustain aggressive patrols, targeted raids, and community-focused engagements to eliminate criminal elements, disrupt their support networks, and ensure that legitimate economic activities thrive within the nation’s maritime domain.