This bill establishes strict prohibitions on government dealings with entities associated with Nigeria, particularly those involved in activities deemed harmful or illegal, such as supporting terrorism. The Department of the Treasury is responsible for maintaining a list of these entities, which includes businesses with direct equity shares from the Nigerian government and those providing services or contracts to Nigeria. Entities on this list will be barred from receiving government contracts, economic development subsidies, tax abatements, and other benefits. The bill also allows individuals to contest their inclusion on the list, provided they can prove they are not engaged in prohibited activities.

To ensure compliance, the bill requires individuals seeking to engage in certain activities to submit written confirmation to the department regarding their non-involvement in prohibited activities. State agencies and local units must verify this certification before awarding contracts or granting certifications related to urban renewal. The bill imposes severe penalties for false certifications, including civil fines of up to $1 million or double the bid/application amount, termination of contracts, and a three-year ban from specified activities. Additionally, it prohibits the State from investing pension or annuity funds in companies controlled by the Nigerian government and restricts banking and investment activities with financial institutions linked to Nigeria.