Just In: FG Sends Major Message to Banks, Others Over Newly Exposed Terrorism Financiers in Nigeria
- Nigerian government mandated compliance with sanctions to combat terrorism financing in response to US actions
- US targets Nigerian financier linked to ISIS, reinforcing international efforts against terrorism and financial networks
- Nigeria reaffirmed commitment to combatting terrorism financing through collaboration with local and global partners
Legit.ng journalist Ridwan Adeola Yusuf has over 9 years of experience covering security matters and counterinsurgency in Nigeria and Africa.
FCT, Abuja - The Nigerian federal government has directed financial institutions and designated non-financial businesses and professions to strictly comply with sanctions obligations by identifying and freezing the assets of individuals and entities linked to terrorism financing.
Vanguard reported this on Thursday morning, June 25.
Source: Twitter
The directive came against the backdrop of sanctions imposed on an alleged Nigerian financier of Islamic State in Iraq and Syria (ISIS), along with his three bureau de change (BDC) operators in Lagos and Kano, by the United States (US) government. ISIS is a transnational jihad movement that originated among Sunni Iraqis and, until 2014, was affiliated with al-Qaeda.
The US designated Muhammad and some Nigerian companies linked to him as alleged financial facilitators of activities linked to ISIS.
ISIS, to which Agege-based Muhammad was linked, is a deadly terrorist group responsible for numerous attacks across northern Nigeria and the Lake Chad Basin region, including Cameroon, Chad, and Niger, resulting in thousands of deaths.
Legit.ng reports that the US is continuing its fight against ISIS through targeted U.S. Central Command counterterrorism operations and joint international offensives.
FG orders asset freeze compliance
Reacting to the US action against Muhammad, the Nigerian Sanctions Committee said in a statement on Wednesday, June 24:
“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.’’
While declaring that terrorists and their financiers will find no safe haven with Nigeria’s financial system, the committee said the action taken by the US government effectively places Washington’s weight behind sanctions already imposed by Nigeria, signalling a coordinated effort to choke off financial networks that helped sustain terrorist groups and other extreme actors.
The committee also commended the federal ministry of justice and the office of the national security adviser for their roles in the sanctions process.
Nigeria reaffirms anti-terror financing commitment
Furthermore, it reaffirmed Nigeria’s commitment to working with domestic and international partners to combat terrorism financing and strengthen the integrity of the country’s financial system.
The statement added:
“The government will continue to work closely with domestic stakeholders and international partners to safeguard national security, strengthen financial integrity and contribute to global efforts to combat terrorism and terrorist financing."
Source: Getty Images
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Terror financing: Court targets commissioner
Earlier, Legit.ng reported that the federal high court in Abuja denied bail to Bauchi state commissioner for finance, Yakubu Adamu, and four co-defendants facing terrorism financing charges.
Trial judge Emeka Nwite held that the defendants were undeserving of bail because of the nature of the charges they face.
Apart from Adamu, other co-defendants indicted in the case are Balarabe Abdullahi Ilelah, Aminu Bose, and Kabiru Yahaya Mohammed.
Source: Legit.ng
