This bill establishes strict prohibitions on government dealings with entities associated with Nigeria, particularly those involved in activities deemed harmful, such as supporting Islamic terror groups that persecute Christians or having direct equity ties to the Nigerian government. The Department of the Treasury is responsible for maintaining a list of these entities, which will render them ineligible for government contracts, economic development subsidies, tax abatements, and other benefits. The bill also allows individuals to contest their inclusion on this list, provided they can prove they are not engaged in prohibited activities.

To ensure compliance, the bill requires state agencies and local units to verify that applicants are not on the list before awarding contracts or certifications. It imposes severe penalties for false certifications, including civil fines of up to $1 million or double the bid amount, termination of contracts, and a three-year prohibition from specified activities. Additionally, the bill 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.