FG Directs Financial Institutions to Enforce Sanctions
The Nigerian federal government has issued a directive to all 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. This was reported by Vanguard on Thursday, June 25.
The directive follows the imposition of sanctions by the United States government on an alleged Nigerian financier of the Islamic State in Iraq and Syria (ISIS), along with three bureau de change (BDC) operators in Lagos and Kano. ISIS is a transnational jihadist movement that originated among Sunni Iraqis and was affiliated with al-Qaeda until 2014.
US Targets Nigerian ISIS Financier
The US designated Muhammad, a resident of Agege, Lagos, and several Nigerian companies linked to him as alleged financial facilitators of ISIS activities. ISIS has been responsible for numerous attacks across northern Nigeria and the Lake Chad Basin region, including Cameroon, Chad, and Niger, resulting in thousands of deaths.
The US continues its fight against ISIS through targeted Central Command counterterrorism operations and joint international offensives.
Nigeria's Sanctions Committee Issues Statement
Reacting to the US action, 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.”
The committee declared that terrorists and their financiers will find no safe haven within Nigeria’s financial system. It stated that the US action effectively places Washington’s weight behind sanctions already imposed by Nigeria, signaling a coordinated effort to choke off financial networks that 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 Commitment to Anti-Terror Financing
The statement 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. It 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.”
Court Denies Bail to Bauchi Commissioner
In a related development, 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. The other co-defendants are Balarabe Abdullahi Ilelah, Aminu Bose, and Kabiru Yahaya Mohammed.
