ENTITY

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Referance Number

NLISWe.18

Entity Name

ALFA EXCHANGE BDC

Incorporation Number

RC1044944

Incorporation Date

6/27/2012 11:11:00 AM

Sanction Date

3/18/2024 11:12:00 AM

Record Date

3/18/2024 12:21:11 PM

Reason for Designation

In 2015, Alfa Exchange BDC received N5Million from Yawale Muhammad Sani. Between 2013 and 2015, Alfa Exchange BDC received the sum of N498Million from Yusuf Gazali. Alfa Exchange UAE was mentioned as being used as a repository of Boko Haram money for onward transfer to Nigeria.

Comments

Phone Numbers

Address

Aliases

Press Release

On 18th March, 2024, the Chairman of Nigeria Sanctions Committee (NSC) on the recommendation of the NSC designated ALFA EXCHANGE BDC NLISWe.18 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.18 - ALFA EXCHANGE BDC Date of Registration: 27/06/2012 RC: 1044944 BVN: 22208393137- 22225313767- 22304344547 Address: No. 43, Gidan Gami, Ibrahim Taiwo Road, Kano State Reason for designation: In 2015, Alfa Exchange BDC received N5Million from Yawale Muhammad Sani. Between 2013 and 2015, Alfa Exchange BDC received the sum of N498Million from Yusuf Gazali. Alfa Exchange UAE was mentioned as being used as a repository of Boko Haram money for onward transfer to Nigeria.