The Economic and Financial Crimes Commission is set to arraign a Lagos-based Bureau De Change operator, Mukhtar Adamu Muhammad, over alleged terrorism financing linked to the Islamic State.
Sources familiar with the matter revealed that the anti-graft agency had already advanced its investigation before the recent sanctions imposed by the United States government.
According to insiders, the commission had concluded major parts of its probe and was preparing legal action before the U.S. blacklisted Muhammad and companies linked to him.
The latest development follows sanctions announced by the United States Department of State against Muhammad and three Nigerian firms allegedly connected to suspicious financial transactions tied to terrorist activities.
Authorities in the United States accused the Lagos-based BDC operator of helping move funds linked to the Islamic State’s West African network through financial channels operating in Nigeria.
The sanctions were part of a broader crackdown targeting individuals and entities accused of supporting ISIS operations across multiple countries, including Nigeria, Syria, Türkiye and France.
Sources within the EFCC said the investigation focused heavily on financial transactions believed to have links to terrorism financing and other suspicious movements of funds.
Although the commission has yet to release an official public statement, insiders say prosecution is expected soon.
Meanwhile, the Nigeria Sanctions Committee has backed the decision by the U.S. Office of Foreign Assets Control to blacklist Muhammad and two BDC firms over alleged terror financing.
The committee noted that the U.S. action followed Nigeria’s earlier move to place the affected individuals and entities on the national sanctions list.
Officials said the decision was based on intelligence reports, financial investigations and joint assessments by security and regulatory agencies.
Authorities believe the individuals and companies played roles in facilitating, supporting or financing activities linked to the Islamic State West Africa Province and related networks.
Those named include Ibrahim Yakubu Ogirima, Muktar Muhammad Adamu, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman, and Babangida Muhammed Adamu Hammajam.
The affected companies include Abbal Bako & Sons Bureau De Change Limited, Generation Currency BDC Limited, and Nine to Nine BDC Limited.
The Federal Government has again directed financial institutions and designated non-financial businesses to strictly comply with sanctions regulations.
This includes freezing identified assets, filing suspicious transaction reports and immediately reporting flagged transactions to relevant authorities.
The sanctions committee also praised the efforts of major government institutions involved in the investigation, including the Central Bank of Nigeria, Department of State Services, Nigerian Financial Intelligence Unit and the EFCC.
The government maintained that Nigeria remains committed to cutting off financial support for terrorist groups and strengthening the integrity of the country’s financial system.
