The Islamic State West Africa Province (ISWAP) is reportedly receiving financial rewards from the Islamic State for attacking military bases and capturing weapons and other military equipment in Nigeria’s North-East.
A report by the Institute for Security Studies (ISS) revealed that the terrorist group operates a payment system under which fighters are rewarded according to the type and quantity of military equipment seized during attacks on Nigerian and other regional military bases.
The Defence Headquarters (DHQ) has, however, declined to comment on the findings by the ISS.
The report revealed that an AK-47 rifle attracts a payment of $750, while a rocket-propelled grenade launcher is valued at $1,000. A box of ammunition could fetch between $500 and $1,000, depending on its calibre.
A pickup truck fitted with a heavy weapon, which frequently features in ISWAP propaganda following major attacks, is reportedly valued at $30,000.
The findings suggest that the financial arrangement has turned attacks on military bases into a source of income for the insurgents, beyond their conventional military and territorial objectives.
The report further explained that the group’s finance department records captured weapons and equipment as spoils of war, known as ghanimah, before distributing the proceeds among fighters involved in the operations.
Sources familiar with ISWAP’s finances and operations, including former fighters, reportedly told ISS that the group retains one-third of the total proceeds, while the remaining two-thirds go to those who participate in the attacks.
The report described the reward system as an important mechanism for attracting and retaining fighters, particularly when ideological motivation alone is insufficient.
It also disclosed that payments are made to fighters in naira, making the rewards financially significant in communities around the Lake Chad Basin.
According to the report, the monthly minimum wage across Cameroon, Chad, Nigeria and Niger ranges between $53 and $108, while gross domestic product per capita in the four countries stands between $775 and $1,972.
However, actual incomes in the border communities where Boko Haram operates are considerably lower, following years of armed conflict, economic hardship and climate-related challenges.
The ISS report explained that the financial incentives partly account for ISWAP’s continued preference for attacking specific military installations rather than carrying out random ambushes.
It noted that ISWAP’s approach differs from that of its rival faction, Jama’atu Ahlis Sunna Lidda’awati wal-Jihad (JAS), which primarily finances its activities through robbery and the exploitation of civilians.
Unlike JAS, ISWAP reportedly prohibits its fighters from directly robbing civilians and strictly regulates access to weapons, with members generally allowed to carry firearms only when deployed for operations.
The report explained that the group’s organised financial structure also helps it maintain its operations despite the loss of senior commanders.
It cited the killing of ISWAP leader Bukar Mainok during the May 2026 United States-Nigeria strikes as an example, noting that the group continued operating despite the leadership loss.
According to the researchers, this demonstrates why efforts to weaken the insurgency should go beyond eliminating individual commanders and focus on identifying and disrupting the financial and operational networks sustaining the group.
The report also highlighted the need to strengthen military installations and improve the response capabilities of troops to reduce the success of ISWAP attacks and weaken the financial motivation behind them.
Meanwhile, when contacted over the findings, the Director of Defence Information, Major General Samaila Uba, requested time to study the report before commenting.
However, subsequent calls seeking his response were not answered, while messages sent to him had also not received a response.