Federal Government moves to charge US‑sanctioned BDC operator over terror financing.

The Economic and Financial Crimes Commission (EFCC) had already begun an investigation into Mukhtar Adamu Muhammad, a Lagos‑based bureau de change operator, and three companies linked to him on allegations of financing terrorism, before the United States imposed sanctions on them, Vanguard reports.

According to officials within the anti‑graft agency, the commission had completed key parts of its inquiry and was preparing to file charges against the suspects when the U.S. government announced the sanctions.

This development follows the U.S. designation of Muhammad and the three Nigerian companies as alleged financial facilitators of activities linked to the Islamic State of Iraq and Syria (ISIS).

The sanctions were part of a broader effort that targeted three individuals and six entities accused of moving funds for ISIS operations in several countries.

U.S. authorities claimed that the individuals and entities helped support financial networks tied to the extremist group, which led to the sanctions.