Gold, Guns, and Cattle: JNIM’s $100 million War Economy in the Sahel

Group Profile

Jama’at Nusrat al-Islam wal-Muslimin (JNIM), the al-Qaeda–aligned coalition formed in 2017, has become one of the world’s most dangerous terrorist organizations. Operating throughout the Sahel, the group has doubled the number of attacks it has carried out in 2025 compared to 2024.

We have previously examined JNIM subgroups, with articles on Al Mourabitoun and Ansar al-Dine available on Substack and Katibat Macina included in our terrorism financing case study library. This post provides a standalone overview of JNIM, focusing on developments in its financial profile since 2023. The group’s strength is not only related to its operational tempo, but also to its ability to raise, manage, and obscure funds.

Origins and Operations

JNIM was created in March 2017 through the merger of several jihadist groups operating in Mali and the wider Sahel: Ansar Dine, Katibat Macina, Al-Mourabitoun, Ansar al-Islam, and the Sahara branch of al-Qaeda in the Islamic Maghreb (AQIM). The coalition consolidated these different jihadist entities into a unified front, enabling greater coordination, shared resources, and a collective identity under the al-Qaeda banner. Iyad Ag Ghali, a Tuareg former diplomat and rebel, is the leader of JNIM, while Amadou Koufa, a Fulani cleric, is deputy.

As of 2025, JNIM has around 6,000 fighters, making it the largest militant force in the region. Its strongholds stretch from Mali and Burkina Faso into Niger and the Gulf of Guinea states, with Burkina Faso alone recording over 280 JNIM attacks in the first half of 2025. Militarily, the group deploys guerrilla warfare tactics, ambushes, and suicide bombings, often targeting state forces, international missions, and rival jihadist groups such as the Islamic State Sahel Province. Politically, JNIM seeks to build legitimacy in communities by positioning itself as a security provider and enforcer of “justice.”