Lagos, Kano BDCs Appear on US List of Alleged ISIS Financial Networks in Nigeria
- US sanctions three Nigerian BDCs and a Lagos-based operator over alleged links to ISIS financing activities
- Treasury Department names Generation Currency BDC, Nine to Nine Exchange BDC, and Manhattan BDC among listed entities
- US says the network allegedly moved funds across Nigeria, Turkey, Syria, and France through money exchange businesses
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Three Nigerian Bureau de Change operators (BDC) and a Nigerian have been named by the United States government, among others, who are allegedly linked to terror financing by the Islamic State (ISIS).
The U.S. Department of State announced on Monday that a facilitator based in Nigeria was part of a global network that allegedly facilitated illicit money movement to support the terrorist group through currency exchange facilities.
Source: Getty Images
Tommy Pigot, a State Department spokesperson, said:
“The network operates across France, Syria, Turkey, and Nigeria, and the financial facilitators were alleged to be using money exchange businesses as a network to move money to and for the benefit of the group."
The U.S. Department of the Treasury, however, named the Nigerian individual as Muhammad Mukhtar Adamu from Lagos, along with entities that it said are associated with the terrorist group ISIS-West Africa, the Cable reports.
US lists BDCs as terrorism financiers
Four Nigerian bureau de change (BDC) entities named by the U.S. Department of the Treasury are Generation Currency Bureau de Change Limited in Lagos, Nine to Nine Exchange Bureau de Change Limited in Lagos and Manhattan Bureau de Change Limited in Kano, Nigeria.
According to the U.S authorities, the entities were sanctioned:
“Under counter-terrorism financing measures related to Adanu and are believed to be involved in financial activity associated with ISIS”.
Also sanctioned were Syrian Abdelhakim Boukich and Miloud Abderrahmane of France, with the US sanctioning additional entities operating in Syria and Turkey.
The US says the sanctions will disrupt financing networks that enable ISIS to conduct further attacks and limit access to the international financial system.
Source: Getty Images
Individuals listed:
- Muhammad Mukhtar Adamu (also known as Mukhtar Adamu/Muhammad Mukhtar) — Lagos, Nigeria
- Abdelhakim Boukich — Syria
- Miloud Abderrahmane — France
Nigerian BDC entities listed:
- Generation Currency Bureau de Change Limited — Lagos, Nigeria
- Nine to Nine Exchange Bureau de Change Limited — Lagos, Nigeria
- Manhattan Bureau de Change Limited — Kano, Nigeria
- Alkaram Danışmanlık Gayrimenkul İç ve Dış Ticaret Limited Şirketi (Al-Karam Money Transfer Company) — Turkey
- Bitcoin Exchange Agent Idlib’s No.1 Coin Exchange — Syria
- Spider Gayrimenkul ve Genel Ticaret Limited Şirketi (Spider Money Transfer Company) — Turkey
BDCs traders announce new dollar exchange rate
Earlier, Legit.ng reported that Bureau De Change (BDC) operators have raised the exchange rate of the United States dollar above the N1,400 mark in the parallel market.
Key currency trading hubs in Lagos showed that the dollar is now being sold at N1,428 compared to the previous rate of N1335 some days ago.
The latest rate means that in just a few days, the value of the naira in the black market has depreciated by N93.
Source: Legit.ng
