Terrorists, financiers have no safe haven in Nigeria’s financial system — FG

Nigeria's Federal Government has firmly stated that terrorists and their financiers will find no safe haven within the nation's financial system. This declaration comes after the United States imposed sanctions on two Bureau de Change firms and an individual previously designated by Nigerian authorities for alleged terrorism financing.

The U.S. move places Washington's weight behind Nigeria's existing sanctions, signaling a coordinated effort to disrupt the financial networks supporting terrorist groups. The Nigeria Sanctions Committee welcomed the decision by the U.S. Office of Foreign Assets Control (OFAC) to designate Mukthar Muhammad Adamu, Nine to Nine BDC Limited, and Generation Currency BDC Limited.

“

Nigeria remains resolute in its commitment to ensuring that terrorists and their financiers find no safe haven within the country’s financial system.

These designations follow extensive intelligence gathering and investigations, which established reasonable grounds to believe the individuals and entities facilitated or financed the activities of the Islamic State West Africa Province (ISWAP) and associated networks. The Federal Government has directed all financial institutions and designated non-financial businesses to fully comply with sanctions obligations, including asset-freezing and reporting requirements.

The committee commended various Nigerian agencies, including the Federal Ministry of Justice, the Office of the National Security Adviser, the Central Bank of Nigeria, the Department of State Services, the Economic and Financial Crimes Commission, and the Nigerian Financial Intelligence Unit, for their crucial roles in these efforts to cut off terrorist funding.

“

The Federal Government reiterates its directive to all financial institutions and designated non-financial businesses and professions to comply fully with all sanctions obligations, including asset-freezing requirements, the filing of Suspicious Transaction Reports and the reporting of relevant matches to the appropriate authorities.