The Federal government has sanctioned a list of account numbers domiciled in Access Bank and other financial institutions within the country for terrorism financing. This directive was issued on the recommendation of the Nigeria Sanctions Committee (NSC), upon close Investigations which revealed that these account numbers domiciled in Access Bank and other financial institutions within the country are being used by the self-styled leader of the Biafra Republic Government in Exile (BRGIE), Simon Ekpa for terrorism financing.
Legal Basis of the Sanction
The Nigeria Sanctions Committee recommends that the accounts be sanctioned and its holders prosecuted. The recommendation is in line with Section 54 of the Terrorism (Prevention and Prohibition) Act, 2022, which empowers the government to impose sanctions on individuals and organizations linked to terror-related activities. As part of the enforcement measures, the federal government has authorised financial institutions and relevant agencies to identify and freeze all funds, assets, and other economic resources linked to the sanctioned individuals and organizations without prior notice.
Role of the Nigerian Financial Intelligence Unit (NFIU)
The Nigerian Financial Intelligence Unit (NFIU) disclosed that the office of the Attorney General of the Federation (AGF) on approval of the president authorized the identification of the individuals and entities, leading to their official inclusion in the Nigeria Sanctions List.
The NFIU mandates all financial institutions and relevant agencies to freeze assets linked to the sanctioned individuals and report findings to the Sanctions Committee. Additionally, Financial institutions are required to file a Suspicious Transactions Report (STR) for any related financial activities for further analysis of the financial activities of such an individual or entity.
List of Access Bank Account Numbers Sanctioned
The list of Access Bank Account Numbers linked to Simon Ekpa and sanctioned for involvement in terrorism financing includes;
0110709618,
0108595489,
1132518632
0060032439,
1187008630,
1448136683,
1612608952,
0071127599,
1138098116,
1113046148,
1113046148,
1872085373,
0800331795,
1436852548.
Enforcement and Compliance Measures
The NFIU emphasized that financial institutions must ensure comprehensive enforcement by freezing assets related to the sanctioned entities and their affiliates. This includes:
(a) All funds or other assets that are owned or controlled by the designated persons and entities, and not only those that are tied to a particular act, plot, or threat of terrorism or terrorism financing;
(b) those funds or other assets that are wholly or jointly owned or controlled, directly or indirectly, by designated persons or entities;
(c) the funds or other assets derived or generated from funds or other assets owned or controlled directly or indirectly by designated persons or entities;
(d) funds or other assets of persons and entities acting on behalf of, or at the direction of designated persons or entities.
Financial institutions are required to report compliance with these directives to the Nigeria Sanctions Committee via secretariat@nigsac.gov.ng and info@nigsac.gov.ng.
Conclusion
The Federal Government’s move to sanction these Access Bank accounts reflects a broader effort to combat terrorism financing and enforce financial security within the country. By freezing these accounts and mandating rigorous reporting, the government aims to dismantle funding channels linked to terrorist organizations. This action underscores Nigeria’s commitment to upholding the rule of law and preventing the misuse of the financial system for criminal activities.
