The Economic and Financial Crimes Commission is set to arraign a Lagos-based Bureau De Change operator, Mukhtar Adamu Muhammad, over alleged terrorism financing linked to the Islamic State.
Sources familiar with the matter revealed that the anti-graft agency had already advanced its investigation before the recent sanctions imposed by the United States government.
According to insiders, the commission had concluded major parts of its probe and was preparing legal action before the U.S. blacklisted Muhammad and companies linked to him.
The latest development follows sanctions announced by the United States Department of State against Muhammad and three Nigerian firms allegedly connected to suspicious financial transactions tied to terrorist activities.
Authorities in the United States accused the Lagos-based BDC operator of helping move funds linked to the Islamic State’s West African network through financial channels operating in Nigeria.
The sanctions were part of a broader crackdown targeting individuals and entities accused of supporting ISIS operations across
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