ENTITY

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Referance Number

NLISWe.14

Entity Name

SETTINGS BUREAU DE CHANGE LTD

Incorporation Number

RC1183871

Incorporation Date

4/10/2014 11:11:00 AM

Sanction Date

3/18/2024 1:39:00 PM

Record Date

3/18/2024 12:21:11 PM

Reason for Designation

Yusuf Ghazali who had financial transactions with the convicts Surajo Abubakar Muhammad, Ibrahim Ali Alhassan and Bashir Ali Yusuf transferred the sum of N100 million to the Settings Bureau De Change Ltd between 2014 and 2015. The connection of the entity to the mentioned suspect covers over 80% of the entity’s entire transactions within reporting threshold. This made the entity a likely accomplice in the group’s activities.

Comments

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Press Release

On 18th March, 2024, the Chairman of Nigeria Sanctions Committee (NSC) on the recommendation of the NSC designated SETTINGS BUREAU DE CHANGE LTD NLISWe.14 as a terrorist financier and directs his addition to the Nigeria Sanctions List. Pursuant to the provisions of section 54 of the Terrorism (Prevention and Prohibition) Act, 2022, all financial institutions and designated non-financial businesses and professions are required to: a) immediately, identify and freeze, without prior notice, all funds, assets, and any other economic resources belonging to the designated persons and entities in your possession and report same to the Secretariat of the Nigeria Sanctions Committee; (b) report to the Secretariat of the Nigeria Sanctions Committee, any assets frozen or actions taken in compliance with the designation, including attempted transactions; (c) immediately file a suspicious transactions report to the NFIU for further analysis on the financial activities of such an individual or entity; and (d) report as a suspicious transactions report to the NFIU, all cases of name matching in financial transactions prior to or after receipt of the Nigerian Sanctions List. (d) subsequently prohibit dealings with the designated persons and entities and to continue to check for transactions relating to the designated person or entity and the actions to be taken if funds or other assets or suspect transactions are discovered (e) note that this freezing obligation extends to: (i) all funds or other assets that are owned or controlled by the designated person or entity, and not just those that can be tied to a particular act, plot, or threat of terrorism or terrorism financing; (ii) those funds or other assets that are wholly or jointly owned or controlled, directly or indirectly, by designated persons or entities; (iii) the funds or other assets derived or generated from funds or other assets owned or controlled directly or indirectly by designated persons or entities; and (iv) funds or other assets of persons and entities acting on behalf of, or at the direction of designated persons or entities. (f) note that this asset freezing mechanism is a preventive tool to disrupt terrorist support and activity and it is incumbent on financial institutions and designated non-financial businesses and professions to comply with the asset freezing obligations, giving the potential of both criminal and civil liabilities for non-compliance, as well as the reputational risks for financial institutions and DNFBPs of being seen to be in breach of the asset freezing mechanism. (g) All actions taken pursuant to this publication should be immediately communicated to the Secretariat of the Nigeria Sanctions Committee through nigsac@nfiu.gov.ng

Narrative Summary

NLISWe.14 - SETTINGS BUREAU DE CHANGE LTD Date of Registration: 10/04/2014 RC: 1183871 BVN: 22225313767 Address: No 43 Ibrahim Taiwo Road, Kano, Kano State. Reason for designation: Yusuf Ghazali who had financial transactions with the convicts Surajo Abubakar Muhammad, Ibrahim Ali Alhassan and Bashir Ali Yusuf transferred the sum of N100 million to the Settings Bureau De Change Ltd between 2014 and 2015. The connection of the entity to the mentioned suspect covers over 80% of the entity’s entire transactions within reporting threshold. This made the entity a likely accomplice in the group’s activities.