The Economic and Financial Crimes Commission is set to prosecute a suspect and two companies allegedly linked to the financing of the Islamic State group as authorities intensify efforts to dismantle terrorist funding networks operating in Nigeria.
The move comes amid increased cooperation between Nigerian authorities and the United States in tracking and disrupting financial channels used by terrorist organisations. A senior EFCC source told The Nation that investigations conducted by Nigerian security agencies in collaboration with international partners had been concluded and charges would soon be filed.
“The EFCC will soon file charges against a suspect and three companies linked with ISIS in the country. This is already concluded,” the source said. The source added that information recently made public by U.S. authorities had already been known to Nigerian intelligence agencies through ongoing investigations.
EFCC spokesperson Dele Oyewale confirmed that preparations had been completed to prosecute suspects linked to terrorism financing and the Islamic State group. Separately, the anti-graft agency is preparing to arraign Bello Abdullahi Bodejo before the Federal High Court in Abuja over allegations of terrorism financing and money laundering involving $2.53 million.
According to the EFCC, a 12-count charge was filed against Bodejo on June 22, accusing him of receiving and possessing large sums of foreign currency allegedly linked to unlawful activities in breach of Nigeria’s money laundering laws. Court documents allege that Bodejo received $100,000 in cash from former Bauchi State Accountant-General Sa’idu Abubakar on January 11, 2022, without processing the transaction through a financial institution as required by law.
Prosecutors further allege that he received an additional $200,000 from the same source on January 21, 2022, as well as $500,000 on March 20, 2024, and $980,000 on February 7, 2024, in transactions that allegedly exceeded the legal threshold for cash payments. The EFCC also alleges that Bodejo knowingly took possession of $980,000 that he knew, or reasonably ought to have known, represented proceeds of unlawful activities.
The alleged offences are punishable under provisions of the Money Laundering (Prohibition) Act, 2011, as amended, and the Money Laundering (Prevention and Prohibition) Act, 2022. Bodejo is expected to enter a plea before the court in the coming days. Meanwhile, the Federal Government has reiterated its commitment to preventing terrorist groups and their financiers from accessing Nigeria’s financial system.
In a statement issued through the Nigerian Financial Intelligence Unit, the Nigeria Sanctions Committee welcomed sanctions imposed by the Office of Foreign Assets Control on Nigerian businessman Mukthar Muhammad Adamu and two Bureau de Change operators, Nine to Nine BDC Limited and Generation Currency BDC Limited, over alleged terrorism financing. The committee said the individuals and companies had already been placed on Nigeria’s sanctions list following intelligence gathering, financial investigations and inter-agency assessments.
According to the committee, investigators established reasonable grounds to believe that the listed individuals and entities facilitated, financed or otherwise supported the activities of the Islamic State West Africa Province and associated terrorist networks.
Others placed on the sanctions list include Ibrahim Yakubu Ogirima, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman, Babangida Muhammed Adamu Hammajam and Abbal Bako and Sons Bureau De Change Limited. The committee described the U.S. sanctions as a reflection of growing international cooperation against terrorism financing and said they would strengthen efforts to cut off terrorist groups from the global financial system.
It also directed banks, financial institutions and designated non-financial businesses to comply with sanctions requirements, including freezing assets linked to designated persons and entities, filing suspicious transaction reports and notifying relevant authorities of any matches.
The committee commended the Federal Ministry of Justice, the Office of the National Security Adviser, the Central Bank of Nigeria, the Department of State Services, the EFCC and the NFIU for their roles in investigating and disrupting terrorism financing networks. It added that Nigeria would continue working with domestic and international partners to strengthen financial integrity and prevent terrorist organisations from accessing resources needed to sustain their operations.
