The Federal Government has endorsed the latest sanctions imposed by the United States against three Nigerian bureau de change (BDC) companies and several individuals accused of providing financial support to terrorist activities.
The sanctions, announced by the U.S. Treasury Department on Tuesday, targeted Mukhtar Muhammad Adamu and three BDC firms allegedly involved in facilitating financial transactions linked to the Islamic State group. According to U.S. authorities, Adamu reportedly used businesses operating in Lagos and Kano to move funds on behalf of ISIS-linked networks.
The affected companies are Generation Currency Bureau De Change Limited, Nine to Nine Exchange Bureau De Change Limited, and Manhattan Bureau De Change Limited. The sanctions form part of a broader international operation aimed at disrupting financial networks across Europe, the Middle East, and West Africa that are suspected of helping ISIS transfer funds across multiple jurisdictions.
Reacting to the development, the Nigeria Sanctions Committee (NSC) welcomed the U.S. action, noting that it came shortly after Adamu and the affected firms were added to Nigeria’s sanctions list on June 18, 2026.
According to the committee, the designation followed detailed intelligence gathering, financial investigations, and assessments carried out by relevant agencies.
“The designation was based on extensive intelligence gathering, financial investigations, and inter-agency assessments,” the committee stated.
The NSC further explained that there were “reasonable grounds” to believe that the individuals and companies “facilitated, financed, supported or otherwise contributed” to the activities of the Islamic State West Africa Province (ISWAP).
Following the sanctions, the Federal Government directed banks and other financial institutions to fully comply with the measures by freezing affected assets, reporting suspicious transactions, and notifying the appropriate authorities.
The committee also commended the collaborative efforts of key government institutions, including the Federal Ministry of Justice, the Office of the National Security Adviser, the Central Bank of Nigeria (CBN), the Department of State Services (DSS), the Economic and Financial Crimes Commission (EFCC), and the Nigerian Financial Intelligence Unit (NFIU), for their roles in disrupting terrorist financing operations.
Reaffirming the government’s position, the committee stated, “Nigeria remains committed to ensuring that terrorists and their financiers have no safe haven within the country’s financial system.”
It added that Nigeria would continue strengthening cooperation with domestic and international partners to protect the integrity of the financial system and prevent the financing of terrorism.
Apart from Adamu, eight other individuals and entities were recently placed on Nigeria’s sanctions list. They include Ibrahim Yakubu Ogirima, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman, Babangida Muhammed Adamu Hammajam, Abbal Bako & Sons Bureau De Change Limited, Generation Currency BDC Limited, and Nine to Nine BDC Limited.
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