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In a statement, the apex bank’s Acting Director, Corporate Communications/Investor Relations Department, Hakama Sidi-Ali, said the CBN has made terrorism financing supervision one of its current priorities. According to her, the focus is part of the bank’s ongoing commitment to protecting the Nigerian financial system from abuse by illicit actors.       She explained that this new push covers four broad areas including how financial institutions manage terrorism financing risk, how they monitor transactions for signs of terrorism financing, how they carry out targeted financial sanctions, and how they report suspicious transactions linked to terrorism. She said the apex bank would not be sitting back and waiting for problems to surface on their own, rather  it plans to use a risk-based approach, which means banks and institutions seen as more exposed to this kind of risk will attract closer attention.    READ ALSO:  (https://thenationonlineng.net/who-will-fund-nigerias-senior-secondary-education/) Who will fund Nigeria’s senior secondary education?  Sidi-Ali said: “This supervisory focus also supports Nigeria’s ongoing domestic and international cooperation on counter-terrorism financing, counter-proliferation financing, financial integrity, and the protection of the financial system. Further supervisory engagement will be undertaken as appropriate.”   According to her, the bank will continue to apply a risk-based supervisory approach, including on-site and off-site engagement, to support effective Anti-Money Laundering, Combating the Financing of Terrorism, and Countering Proliferation Financing (AML/CFT/CPF) controls across the financial sector in line with existing legal and regulatory obligations. Related News (https://thenationonlineng.net/cbn-warns-banks-fintechs-over-cyber-attacks/?utm_source=auto-read-also&utm_medium=web) CBN warns banks, fintechs over cyber attacks   (https://thenationonlineng.net/cbn-tightens-watch-on-banks-over-terrorism-financing/?utm_source=auto-read-also&utm_medium=web) CBN tightens watch on banks over terrorism financing   (https://thenationonlineng.net/why-cbn-cannot-just-spend-the-foreign-reserves/?utm_source=auto-read-also&utm_medium=web) Why CBN cannot just spend the foreign reserves     She added that further supervisory engagement will be undertaken as appropriate, suggesting that more steps could follow depending on what its checks turn up. In line with the provisions of the Terrorism Prevention and Prohibition Act (TPPA), 2022, Nigeria Sanctions Committee (NSC) recently designated six individuals and three entities as terrorist financiers and subsequently added them to the Nigeria Sanctions List.   The sanctioned individuals included Babangida Muhammed Adamu Hammajam, who was listed for involvement in terrorism financing and support to Islamic State West Africa Province (ISWAP); Abdullahi Umar Usman, listed for providing material support to a designated terrorist organisation through repeated financial transactions and Ibrahim Abubakar, listed for involvement in terrorism financing and membership of the ISWAP. Others were: Adamu Chiroma (listed for involvement in terrorism financing using Bureau De Change (BDC) and related corporate entities to facilitate the movement of funds linked to terrorist activities); Muktar Muhammad Adamu (listed for providing financial support and facilitating transactions linked to the financing network of the Islamic State West Africa Province (ISWAP) Okene cell) and Yakubu Ogirima Ibrahim, who was listed for providing material and financial support to ISWAP, Kogi cell. The sanctioned entities were: Nine to Nine BDC Ltd, with (RC No: 1462752, which was listed for involvement in facilitating the movement of funds connected to the ISWAP, Okene financing network; Generation Currency BDC ltd, with RC No: 1555604, which was listed for involvement in facilitating the movement of funds connected to the ISWAP, Okene financing network and Abbal Bako & Sons Bureau De Change (BDC), with BN: 2323328, which was listed for involvement in facilitating and channelling funds linked to the ISWAP, Okene financing network.   A national circular directed all operators to immediately, identify and freeze, without prior notice, all funds, assets, and any other economic resources in their possession, belonging to the designated individuals and entities and report same to the Secretariat of the Nigeria Sanctions Committee.     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