ENUGU, Nigeria (VOICE OF NAIJA)- The Economic and Financial Crimes Commission (EFCC), has moved to prosecute a Lagos-based Bureau de Change operator, Mukhtar Adamu Muhammad, and three companies linked to him over alleged terrorism financing, revealing that its investigation had commenced long before sanctions were imposed by the United States government.
Sources within the anti-graft agency disclosed that investigators had already concluded significant aspects of the probe and were preparing charges against the suspects before the US announced punitive measures against them.
The development followed the designation of Muhammad and three Nigerian companies by the United States government as alleged financial facilitators linked to the activities of the Islamic State of Iraq and Syria, ISIS.
According to sources familiar with the investigation, the EFCC had been tracking the financial activities of the suspects as part of efforts to uncover and dismantle networks allegedly involved in financing terrorism and other related crimes.
The sanctions formed part of a broader action by US authorities targeting three individuals and six entities accused of facilitating the movement of funds for ISIS operations across multiple countries.
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American authorities alleged that the affected individuals and organisations played significant roles in maintaining financial channels linked to the extremist group, prompting the sanctions imposed on them.
The EFCC’s planned prosecution is expected to complement ongoing international efforts aimed at disrupting terror-financing networks operating within and beyond Nigeria’s borders.
The anti-graft agency has yet to formally file charges in court, but sources indicated that the investigative process had reached an advanced stage and that legal action against the suspects was imminent.
The case underscores growing collaboration between Nigerian and international law enforcement agencies in tackling terrorism financing, money laundering and other forms of transnational financial crimes.
Security experts have repeatedly warned that disrupting financial support systems remains one of the most effective ways of weakening terrorist organisations and limiting their operational capabilities.