Full List: FG Releases Names, Addresses of BDC Operators Financing Terrorism in Nigeria
- The FG has released the names of BDC operators allegedly involved in financing terrorism within Nigeria
- The list includes detailed information, such as the names of individuals and companies involved in terrorism
- The Nigerian government will now direct that their assets be immediately identified and frozen without prior notice
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The federal government has identified fifteen entities it believes are allegedly sponsoring terrorism.
They consist of six businesses that operate Bureaux de Change and nine people.
Source: Facebook
The Nigerian Financial Intelligence Unit (NFIU) disclosed this in an email to The Punch on Tuesday. It was titled "Designation of Individuals and Entities for March 18, 2024.
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The report stated that on March 18, 2024, the Nigeria Sanctions Committee convened. It was suggested at the discussion that certain people and organisations be sanctioned for their role in financing terrorism.
Below are the BDCs identified
The six BDCs and firms are
- West and East Africa General Trading Company Limited
- Settings Bureau De Change Limited
- G. Side General Enterprises
- Desert Exchange Ventures Limited
- Eagle Square General Trading Company Limited
- Alfa Exchange BDC
Checks on the CBN website showed that Alfa Exchange was one of the BDCs that lost its license, but over the years, it has been operating from No. 43, Gidan Gami Ibrahim Taiwo Road, Kano."
According to the CAC website, Settings BDC also operates in Kano, No 43 Ibrahim Taiwo Road, Kano.
Desert Exchange Ventures is also in Kano and is located at No. 18, M. Y. C. House, Lawan Dambazau Road.
Individuals alleged to sponsor terrorism
- Tukur Mamu
- Yusuf Ghazali
- Muhammad Sani
- Abubakar Muhammad
- Sallamudeen Hassan
- Adamu Ishak
- Hassana-Oyiza Isah
- Abdulkareem Musa
- Umar Abdullahi
Punishment expected for terrorism financing
The Nation also reported that the persons involved would, in accordance with Section 54 of the Terrorism (Prevention and Prohibition) Act, 2022, institutions and individuals are required to:
"(a) Immediately, identify and freeze, without prior notice, all funds, assets, and any other economic resources belonging to the designated persons and entities in your possession and report same to the Sanctions Committee;
"(b) Report to the Sanctions Committee any assets frozen or actions taken in compliance with the prohibition requirements.
"(c) Immediately file a Suspicious Transactions Report to the NFIU for further analysis on the financial activities of such an individual or entity; and
"(d) Report as a Suspicious Transactions Report to the NFIU, all cases of name matching in financial transactions before or after receipt of this List."
It said: "The freezing obligation required above shall extend to "(a) All funds or other assets that are owned or controlled by the designated persons and entities, and not only those that are tied to a particular act, plot, or threat of terrorism or terrorism financing;
"(b) Those funds or other assets that are wholly or jointly owned or controlled, directly or indirectly, by designated persons or entities;
"(c) The funds or other assets derived or generated from funds or other assets owned or controlled directly or indirectly by designated persons or entities; and
"(d) Funds or other assets of persons and entities acting on behalf of, or at the direction of designated persons or entities."
CBN asks BDC operators to leave streets
Earlier, Legit.ng reported that the CBN announced new rules that will see the end of the sale of dollars on the street in Nigeria.
New guidelines issued for Bureau de Change (BDC) operators aim to streamline their operations and enhance regulatory oversight.
CBN hopes these measures will help stabilise the naira and transparency of the foreign exchange market.
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Source: Legit.ng
