ENTITY

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Referance Number

NLISWe.16

Entity Name

DESERT EXCHANGE VENTURES LIMITED

Incorporation Number

RC1259456

Incorporation Date

6/7/2015 11:11:00 AM

Sanction Date

3/18/2024 1:43:00 PM

Record Date

3/18/2024 12:21:11 PM

Reason for Designation

Desert Exchange Ventures, in 2015 transferred N20 Million to the convict Surajo Abubakar Muhammad. Desert Exchange Ventures in 2016 transferred the sum of N198M to Usaini Adamu. Desert Exchange Ventures in 2015 transferred N63.5Million to Usama Muhammadu. Desert Exchange Ventures in 2015 transferred the sum of 146Million to Habibu Sani Maigida. Desert Exchange Ventures in 2015 transferred the sum of N195Million to Rashab Nig Entrerprises.

Comments

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Address

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Press Release

On 18th March, 2024, the Chairman of Nigeria Sanctions Committee (NSC) on the recommendation of the NSC designated DESERT EXCHANGE VENTURES LIMITED NLISWe.16 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.16 - DESERT EXCHANGE VENTURES LIMITED Date of Registration: 07/05/2015 RC: 1259456 BVN: 22225313767 Address: 18, M.Y.C House Lawan Dambazan Road, Kano State Reason for designation: Desert Exchange Ventures, in 2015 transferred N20 Million to the convict Surajo Abubakar Muhammad. Desert Exchange Ventures in 2016 transferred the sum of N198M to Usaini Adamu. Desert Exchange Ventures in 2015 transferred N63.5Million to Usama Muhammadu. Desert Exchange Ventures in 2015 transferred the sum of 146Million to Habibu Sani Maigida. Desert Exchange Ventures in 2015 transferred the sum of N195Million to Rashab Nig Entrerprises