The Federal Government has welcomed the United States’ sanction of three Nigerian bureau de change operators over alleged financing of the Islamic State West Africa Province, as part of efforts to disrupt terrorist funding networks.

The Nigeria Sanctions Committee said on Wednesday, June 24, that the United States Office of Foreign Assets Control (OFAC), designated Mukthar Muhammad Adamu, Nine to Nine BDC Limited and Generation Currency BDC Limited, days after they were added to Nigeria’s sanctions list on June 18.

The committee noted that the sanctions followed extensive intelligence gathering, financial investigations and inter-agency assessments that established reasonable grounds to believe the affected individuals and entities facilitated, financed, supported or otherwise contributed to the activities of ISWAP and associated terrorist networks.

The latest designations are part of a broader update to Nigeria’s sanctions register, which also includes Ibrahim Yakubu Ogirima, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman, Babangida Muhammed Adamu Hammajam and Abbal Bako & Sons Bureau De Change Limited.

The committee directed financial institutions and designated non-financial businesses and professions to comply with sanctions obligations, including asset-freezing requirements, suspicious transaction reporting and disclosure of relevant matches to competent authorities.

It further commended the Office of the National Security Adviser, Central Bank of Nigeria, Department of State Services, Economic and Financial Crimes Commission and the Nigerian Financial Intelligence Unit for supporting efforts to deny terrorist groups access to financial resources.

The development comes amid intensified domestic and international efforts to strengthen anti-money laundering controls and cut off financial channels used by terrorist organisations operating in the region.