The Economic and Financial Crimes Commission (EFCC) had already launched an investigation into Lagos-based bureau de change (BDC) operator Mukhtar Adamu Muhammad and three associated companies over allegations of terrorism financing, sources within the anti-graft agency have disclosed.
This investigation was underway before the United States government imposed sanctions on Muhammad and his entities, according to a report by The Punch on Thursday, June 25. The federal government is now preparing to formally charge and arraign the US-sanctioned BDC operator in court.
EFCC Investigation Preceded US Sanctions
Top EFCC officials familiar with the matter revealed that the commission had completed significant aspects of its probe and was preparing charges when the US announced its sanctions. A source stated: “We investigated these individuals and the BDC companies for terrorism financing and were preparing charges against them when the U.S. indicted them.”
Although the EFCC has not issued an official statement, sources confirmed that the investigation focused on alleged terrorism financing activities and financial transactions suspected to be linked to terrorist operations. The sources declined to specify when formal charges would be filed.
US Sanctions Highlight ISIS Financing Networks
The development follows the US designation of Muhammad and several Nigerian companies linked to him as alleged financial facilitators for the Islamic State of Iraq and Syria (ISIS). The US Treasury’s action underscores international concerns about ISIS financing networks in Nigeria.
The Nigerian government also released a list of individuals and entities designated in connection with the case, including:
- Ibrahim Yakubu Ogirima (NLISWi.19)
- Muktar Muhammad Adamu (NLISWi.20)
- Adamu Chiroma (NLISWi.21)
- Ibrahim Abubakar (NLISWi.22)
- Abdullahi Umar Usman (NLISWi.23)
- Babangida Muhammed Adamu Hammajam (NLISWi.24)
- Abbal Bako & Sons Bureau De Change Limited (NLISWe.25)
- Generation Currency BDC Limited (NLISWe.26)
- Nine to Nine BDC Limited (NLISWe.27)
ISIS Threat in the Lake Chad Basin
ISIS, to which 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. These attacks have resulted in thousands of deaths.
The US continues to combat ISIS through targeted counterterrorism operations by U.S. Central Command and joint international offensives. The EFCC’s probe and the impending charges represent Nigeria’s efforts to disrupt terrorist financing networks.
