After years of devastating battles and a recent surge in attacks, the fear in Nigeria is that Boko Haram will simply decamp from the Sambisa forest enclave to other areas nearby.
Nigerian President Muhammadu Buhari announced on Christmas Eve that a months-long campaign had led to the "final crushing of Boko Haram terrorists in their last enclave in Sambisa Forest".
The Nigerian military said troops were chasing fleeing Boko Haram militants, claiming that the fight against the jihadists was in its final stages.
"We are safe. We have not been flushed out of anywhere," Shekau said in the 25-minute video, flanked by masked armed fighters.
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As access to the conflict zones is heavily restricted, claims from both sides cannot be independently verified.
According to a military source who asked not to be named, Boko Haram jihadists have been "tremendously weakened and are trying to avoid confrontation ... By hiding in some obscure locations."
Islamists routed from Sambisa have reportedly fled to areas on the edge of the forest, islets on Lake Chad as well as villages on the Cameroon border.
The head of the fishermen's union in Borno state, the epicentre of Boko Haram's seven-year insurgency, said some fighters had regrouped on Lake Chad, which straddles Nigeria, Niger, Cameroon and Chad.
It provides the jihadists with a "convenient sanctuary", with its 400 islets covered with dense vegetation that makes aerial detection and ground operations dangerous, Abubakar Gamandi said.
"The islets are between one and two square kilometres and the fresh water and abundant fish in the lake make them habitable," said Gamandi, who has fished in Lake Chad for 40 years.
Should Shekau and his troops move there, it is unclear whether the two rival factions will end up battling each other.
Cameroonian troops have intensified their operations along their nation's frontier with Nigeria, where fleeing Boko Haram fighters have also sought refuge, according to a vigilante in the Nigerian border town of Banki.
"Cameroon has upped security along the border which has forced fleeing Boko Haram (fighters) to head to Kala-Balge, where Nigerian troops are deploying", said the vigilante, who did not want to give his name.