The United Nations Security Council officially deleted Somali banker and businessman Ahmed Nur Jim'ale from its sanction list,Garowe Online reports.
The restrictive measures including asset freeze, targeted arms embargo and travel ban were lifted according to a statement posted on UN news site on Wednesday.
Jim'alle, a Djibouti-based businessman was added to the sanction list in February 2012 after the UN Monitoring Group accused him of being Al Shabaab's chief financier and continuously funding extremists activities in southern and central Somalia.
"Jim'ale is identified as one of Al Shabaab's chief financiers and is ideologically aligned with al-Shabaab,"the text read. "Jim'ale has provided key funding and political support for Hassan Dahir Aweys ("Aweys"), who was also listed by the Somalia/Eritrea Sanctions Committee".
In an effort to destabilize Somalia's separatist region of Somaliland, Jim'alle is said to have established 'the Investors group' in Djibouti for weapons purchase plans. The Group reportedly smuggled small arms from Eritrea into the Somali regional state of Ethiopia where the militant group of Al Shabaab received the shipment.
Speaking on BBC Somali Service, Jim'alle expressed his pleasure over the move and thanked all parties who took part in the campaign of removing him from the sanction list.
"I am very delighted to regain my freedom to travel and that my assets were freed. I would like to convey my profound appreciation to the people who took part in the campaign and those whose assets were frozen for revealing patience," he noted.
Al Qaeda linked Al Shabaab group is losing grounds against Somali Government forces and African Union Mission in Somalia (AMISOM) peacekeepers following assaults on the fighters' hideouts and bases in southwestern Somalia.