Breaking: FG Reveals Next Step Against Lagos Man Accused of Terrorism Financing

The Federal Government has moved closer to prosecuting Lagos-based Bureau De Change (BDC) operator Mukhtar Adamu Muhammad following allegations that he financed terrorist activities linked to the Islamic State of Iraq and Syria (ISIS).

Fresh details emerging on Thursday indicate that the Economic and Financial Crimes Commission (EFCC) had already launched an extensive investigation into Muhammad and several companies linked to him before the United States government announced sanctions against him and his businesses.

EFCC Prepared Charges Before US Sanctions

According to Daily Trust, the anti-graft agency disclosed that investigators had completed substantial parts of their probe and were preparing formal charges before the US Treasury Department designated Muhammad and his companies as part of an alleged ISIS financial network.

According to officials familiar with the investigation, the Federal Government is now expected to proceed with legal action against the Lagos-based businessman.

“We investigated these individuals and the BDC companies for terrorism financing and were preparing charges against them when the U.S. indicted them,” a source familiar with the investigation revealed.

The EFCC is yet to release an official statement on the matter, but insiders confirmed that the investigation centred on alleged terrorism financing activities and suspicious financial transactions believed to be connected to terrorist operations.

The exact date for the filing of charges has not been disclosed.

Why Muhammad Came Under Scrutiny

The latest development follows the decision by the United States government to sanction Mukhtar Adamu Muhammad and several companies allegedly linked to him for facilitating financial transactions connected to ISIS operations.

The sanctions formed part of a wider international effort targeting individuals and entities accused of helping terrorist groups move funds across multiple countries.

Muhammad, who reportedly operates from Lagos, was identified alongside other individuals and companies allegedly connected to terror financing networks.

Nigerians and Companies Named by Authorities

The latest list released by authorities includes:

• Ibrahim Yakubu Ogirima
• Muktar Muhammad Adamu
• Adamu Chiroma
• Ibrahim Abubakar
• Abdullahi Umar Usman
• Babangida Muhammed Adamu Hammajam

The companies listed include:

• Abbal Bako & Sons Bureau De Change Limited
• Generation Currency BDC Limited
• Nine to Nine BDC Limited

The companies are alleged to have played various roles in facilitating financial transactions now under investigation by security and financial intelligence agencies.

FG Intensifies Crackdown

Security experts say the case underscores the growing focus on disrupting financial networks that support terrorist organisations operating within Nigeria and across the Lake Chad Basin.

ISIS and its affiliated groups have been linked to deadly attacks across parts of northern Nigeria, Cameroon, Chad and Niger, resulting in thousands of deaths and widespread displacement.

The Federal Government’s decision to pursue prosecution is being viewed as part of broader efforts to strengthen counter-terrorism financing measures and comply with international security obligations.

What Happens Next?

With investigations reportedly at an advanced stage, the next major step is the formal arraignment of Mukhtar Adamu Muhammad and any other suspects the government believes are connected to the alleged terror financing network.

If charges are filed, the case could become one of the most significant terrorism-financing prosecutions in recent years, especially following the international attention generated by the US sanctions.