The Economic and Financial Crimes Commission (EFCC) has concluded investigations into a Lagos-based Bureau de Change operator, Mukhtar Adamu Muhammad, and three linked companies over alleged terrorism financing and is preparing to file charges.
The move comes after the United States government sanctioned Muhammad and the companies for allegedly facilitating funds for ISIS operations. EFCC sources said significant aspects of the probe were completed before the US sanctions were announced. The commission’s investigation is expected to complement international efforts to disrupt terror financing networks. The case highlights ongoing collaboration between Nigerian and international authorities in tackling financial crimes linked to terrorism.
This development underscores the Nigerian government’s commitment to cutting off funding sources for terrorist groups and strengthening anti-money laundering measures in the informal financial sector. The sanctions and impending charges are likely to trigger tighter regulation of bureaux de change operations across the country.
