The Federal Government of Nigeria has officially named 15 individuals and business entities as financiers of terrorism, marking a significant escalation in its 2024 efforts to dismantle funding networks supporting extremist groups.
The designations, announced following an inter-agency security review, include nine individuals and six companies accused of channeling funds, providing logistics, and facilitating resources to terrorist organizations operating within Nigeria and across borders.
Individuals Designated:
Tukur Mamu
Yusuf Ghazali
Muhammad Sani
Abubakar Muhammad
Sallamudeen Hassan
Adamu Ishak
Hassana-Oyiza Isah
Abdulkareem Musa
Umar Abdullahi
Business Entities Designated:
West & East Africa General Trading Company Limited
Settings Bureau De Change Ltd
G. Side General Enterprises
Desert Exchange Ventures Ltd
Eagle Square General Trading Company Limited
Alfa Exchange BDC
Security sources disclosed that the sanctions resulted from intensive intelligence gathering, financial transaction monitoring, and cooperation with international partners.
Many of the flagged entities are Bureau De Change operators and trading firms allegedly used to launder and move illicit funds.
The move is part of a wider government strategy to choke terrorist financing pipelines, enhance regulatory oversight of Nigeria’s financial sector particularly BDC operations and bolster support for military campaigns against insurgency in the North-East, North-West, and Lake Chad region.
Authorities have indicated that the list is not exhaustive, with ongoing investigations expected to yield additional designations as surveillance of suspicious financial flows intensifies.
The designations freeze assets linked to the named individuals and entities and prohibit Nigerian financial institutions and citizens from transacting with them, in line with the Terrorism (Prevention and Prohibition) Act.
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No arrest, no prosecution?
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