The Economic and Financial Crimes Commission has disclosed that it had already commenced investigations into a Lagos-based Bureau de Change operator, Mukhtar Adamu Muhammad, and three companies linked to him over alleged terrorism financing before the United States announced sanctions against them.
According to sources within the anti-graft agency, investigators had made substantial progress in the case and were preparing charges against the suspects when the United States government unveiled the sanctions.
The development comes after the US government designated Muhammad and three Nigerian companies as alleged financial facilitators connected to activities linked to the extremist group Islamic State of Iraq and Syria.
The sanctions formed part of a broader international action targeting three individuals and six entities accused of helping to facilitate the movement of funds for ISIS operations across several countries.
US authorities alleged that the sanctioned individuals and organisations played key roles in supporting financial networks associated with the terrorist group, prompting the imposition of restrictive measures against them.
Sources indicated that the EFCC’s ongoing investigation aligns with wider international efforts aimed at identifying, disrupting, and dismantling terror-financing networks operating within Nigeria and beyond.
The commission is expected to continue its probe and pursue legal action where sufficient evidence is established.
