Banks in Nigeria have been instructed not to carry out transactions for those deemed to be terrorists

The Central Bank of Nigeria issued the caution, especially alerting banks to be on the watch for Abdul Rehman Makki

The CBN has repeatedly stated its commitment to combat financial terrorism and has issued a number of circulars to ensure banks comply

The Central Bank of Nigeria (CBN) has directed commercial banks, and other financial institutions(OFIs) under its regulation to search for Abdul Rehman Makki.

According to the apex bank, Makki is a wanted terrorist therefore no transaction tied to his name should be allowed.

The apex bank gave this instruction in a circular signed by the Director, of the Financial Policy and Regulation Department, CBN, Harry Audu.

The circular also stated that one Abdul Rehman Makki should be added to the ISIL and Al-Qaida sanction list.

The circular reads:

“The United Nations Security Council (UNSC), had on January 16, 2023 listed Abdul Rehman Makki as being associated with ISIL or Al-Qaida and has accordingly been added to the ISIL (Da’esh) & Al-Qaida Sanctions List of individuals and entities that are subject to assets freeze, travel ban and arms embargo as set out in paragraph 1 of Security Council resolution 2610 (2021).”

CBN warns banks against terrorism-related transaction

In order to prevent carrying out transactions connected to terrorism, the CBN also advised banks to regularly consult names on list of sanctions.

CBN stated:

“Further to the requirements of the provisions of Section 6 of the CBN AML/CFT Regulations, 2022 and Section 4.3 of the CBN Guidelines on Targeted Financial Sanctions Related to Terrorism and Terrorism Financing, 2022, all financial institutions are required to immediately screen their customer database for business relationship with the designated individual and file a report to the NFIU and update their sanctions screening list to reflect the recent changes in the UNSC Consolidated Lists. This is for the immediate compliance of all financial institutions.”

Who is Abdul Rehman Makki

Makki is the head of LASHKAR-E-TAYYIBA (LET) political affairs. He served as head of LET’s foreign relations department and member of Shura (governing body).

He is also a member of JUD’s Markazi (Central) Team and Daawati (proselytization) team. He is brother-in-law of LET Chief Hafiz Muhammad Saeed. Abdul Rehman Makki is wanted by the Indian Government.

The UN listed Makki on 16 January 2023 pursuant to paragraphs 2 and 4 of resolution 2368 (2017) as being associated with ISIL or Al-Qaida for “participating in the financing, planning, facilitating, preparing, or perpetrating of acts or activities.

CBN to expose hidden accounts, business owners

Meanwhile, in another report, the Nigerian Central Bank has issued new guidelines to banks and other financial institutions

The policy is aimed at combating terrorism funding as well as identifying people who run bank accounts on behalf of others

The CBN has expressed its intention to decrease terrorist funding through the financial system, and it believes that the instructions issued would help