Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
The Federal Government has formally welcomed the decision by the United States to impose sanctions on Nigerian businessman Mukthar Muhammad Adamu and two Bureau De Change companies over their alleged involvement in terrorism financing, describing the move as a significant boost to ongoing efforts to disrupt financial networks linked to terrorist organisations operating within and outside Nigeria. The Nigeria Sanctions Committee (NSC), which announced the government's position in a statement issued on Wednesday through the Nigerian Financial Intelligence Unit (NFIU), said the US action followed Nigeria's earlier designation of the individuals and businesses on its own sanctions list on June 18, 2026. The committee noted that the sanctions underscore growing international cooperation in combating terrorism financing and would further strengthen efforts to deny alleged terrorist financiers access to the global financial system.
The United States Treasury Department's Office of Foreign Assets Control (OFAC) designated Adamu, alongside Nine to Nine BDC Limited and Generation Currency BDC Limited, for allegedly facilitating financial transactions and money transfers on behalf of the Islamic State West Africa Province (ISWAP), the West African franchise of the Islamic State (ISIS). According to US authorities, Adamu, also known as Mukhtar Adamu Muhammad, used his businesses operating in Lagos and Kano as conduits for moving funds linked to the terrorist group. The sanctions were part of a broader international crackdown targeting a network operating across Europe, the Middle East, and West Africa that Washington said helped fund ISIS attacks, supported its affiliates, and threatened civilians, including religious minorities.
The Nigeria Sanctions Committee explained that the designations followed extensive intelligence gathering, financial investigations, and inter-agency assessments, which established reasonable grounds to believe that the affected individuals and entities "facilitated, financed, supported or otherwise contributed" to the activities of ISWAP and associated terrorist networks. The committee disclosed that six individuals and three entities were added to the Nigeria Sanctions List on June 18, 2026, before the US action. Those listed by Nigerian authorities include Ibrahim Yakubu Ogirima, Muktar Muhammad Adamu, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman, and Babangida Muhammed Adamu Hammajam. The affected companies are Abbal Bako & Sons Bureau De Change Limited, Generation Currency BDC Limited, and Nine to Nine BDC Limited.
The Federal Government reiterated its directive to all financial institutions and designated non-financial businesses and professions to continue to comply fully with all sanctions obligations, including asset-freezing requirements, the filing of Suspicious Transaction Reports, and the reporting of all relevant matches to the appropriate authorities. The committee commended the collaborative efforts of key government agencies involved in the sanctions process, including the Federal Ministry of Justice, the Office of the National Security Adviser, the Central Bank of Nigeria, the Department of State Services, the Economic and Financial Crimes Commission, and the Nigerian Financial Intelligence Unit.
The US sanctions, announced on Tuesday, also targeted Manhattan Bureau De Change Limited, bringing the total number of Nigerian BDC firms sanctioned in the action to three. The US Treasury Department said Adamu was designated pursuant to Executive Order 13224 for allegedly providing financial, material, or technological support to ISIS-West Africa. US authorities noted that the action brought the number of Nigerians sanctioned by the US over terrorism financing to 10 since 2022. The US also reaffirmed its partnership with Nigeria, noting Abuja's role in the May 16, 2026, operation that killed Abu-Bilal al-Minuki, the number two official in ISIS.
The Nigeria Sanctions Committee stressed that the Federal Government remains resolute in ensuring that terrorists and their financiers find no safe haven within the country's financial system. It added that Nigeria would continue working closely with domestic stakeholders and international partners to protect national security, strengthen financial integrity, and contribute to global efforts to combat terrorism and its financing. The development marks the latest chapter in intensified cooperation between Nigerian and US authorities in disrupting financial networks that sustain terrorist organisations operating in the Lake Chad region and beyond.
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