June 24 (THEWILL) — Nigeria has welcomed the decision of the United States Office of Foreign Assets Control (OFAC) to sanction alleged ISWAP financier, Mukhtar Muhammad Adamu, and three Bureau De Change (BDC) firms linked to him, declaring that terrorists and their financiers will find no safe haven within the country’s financial system.
The Nigeria Sanctions Committee (NSC), in a statement issued on Wednesday, said the U.S. action reinforces Nigeria’s ongoing efforts to dismantle financial networks supporting terrorism and follows the country’s earlier designation of Adamu and his businesses under the Nigeria Sanctions List.
THEWILL recalls that the Nigeria Sanctions Committee, on April 11, 2026, designated 48 individuals and 12 entities over alleged involvement in terrorism financing and support for terrorist activities. The action formed part of the Federal Government’s broader strategy to disrupt terror financing networks, strengthen compliance with international counter-terrorism obligations and prevent extremist groups from accessing resources used to sustain their operations.
The committee noted that the latest U.S. sanctions followed Nigeria’s June 18, 2026 update to the Nigeria Sanctions List, which included Mukhtar Muhammad Adamu, six individuals and three entities identified through intelligence gathering, financial investigations and inter-agency assessments.
According to the committee, the investigations established reasonable grounds to believe that the affected individuals and entities facilitated, financed, supported or otherwise contributed to the activities of the Islamic State West Africa Province (ISWAP) and associated terrorist networks.
“These designations follow the inclusion of Adamu and his companies as part of a broader update to the Nigeria Sanctions List approved and published on June 18, 2026. The naming of the three companies and six persons 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 the Islamic State West Africa Province (ISWAP) and associated terrorist networks”, the statement read.
The individuals listed in the June 18 sanctions update are Ibrahim Yakubu Ogirima, Mukhtar Muhammad Adamu, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman and Babangida Muhammed Adamu Hammajam.
The entities designated by Nigerian authorities are Abbal Bako & Sons Bureau De Change Limited, Generation Currency BDC Limited and Nine to Nine BDC Limited.
Reiterating the government’s determination to cut off funding channels for terrorist organisations, the committee directed all financial institutions and designated non-financial businesses and professions to fully comply with sanctions obligations, including asset-freezing measures, the filing of Suspicious Transaction Reports and the reporting of all relevant matches to the appropriate authorities.
“The Federal Government reiterates its directive to all financial institutions and designated non-financial businesses and professions to continue to comply 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 statement added.
The committee also commended the Federal Ministry of Justice, Office of the National Security Adviser (ONSA), Central Bank of Nigeria (CBN), Department of State Services (DSS), Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) for their roles in the investigations and enforcement process.
“The Nigeria Sanctions Committee commends the work of the Federal Ministry of Justice, Office of the National Security Adviser, Central Bank of Nigeria, Department of State Services, Economic and Financial Crimes Commission and the Nigerian Financial Intelligence Unit for their actions to ensure that terrorist groups are denied the resources that sustain their activities”, it stated.
The committee further reaffirmed Nigeria’s commitment to working with domestic stakeholders and international partners to protect national security, strengthen financial integrity and contribute to global efforts to combat terrorism financing.
Nigeria’s reaction comes less than 72 hours after the U.S. Treasury Department, through OFAC, imposed sanctions on Mukhtar Muhammad Adamu, a Lagos-based Bureau De Change operator whom U.S. authorities identified as a financial facilitator for ISWAP, also known as ISIS-West Africa.
According to the Treasury Department, Muhammad allegedly conducted money transfers on behalf of the terrorist organisation and used financial businesses under his control as conduits for moving funds linked to ISIS activities.
Three Nigeria-based money service businesses allegedly owned, controlled or directed by him were also designated. They are Nine to Nine Exchange Bureau De Change Limited, Manhattan Bureau De Change Limited and Generation Currency Bureau De Change Limited.
The Treasury Department said Muhammad was designated pursuant to Executive Order 13224, as amended, for allegedly providing financial, material or technological support to ISIS-West Africa.
Highlighting growing counter-terrorism cooperation between both countries, the Treasury Department stated: “As demonstrated by the May 16, 2026 killing of al-Minuki, the United States and Nigeria stand together in relentlessly pursuing and eliminating ISIS. This includes cooperation in countering the financing of terrorism and protecting the rights of religious minorities.”
The reference was to Abu-Bilal al-Minuki, described by U.S. authorities as ISIS’s second-ranking leader, who was reportedly killed during a joint operation involving U.S. and Nigerian security forces in May.
Beyond Nigeria, the U.S. sanctions targeted a wider international network allegedly involved in facilitating ISIS financing. Those sanctioned include Miloud Abderrahmane, a France-based facilitator accused of conducting transactions with ISIS affiliates in Syria and providing information relating to the manufacture and use of explosives.
Another individual designated was Abdelhakim Boukich, a former Dutch national who controls Bitcoin Xchange, a Syria-based money service business allegedly used to transfer funds on behalf of ISIS associates in several countries, including the United States, Belgium, Norway, South Africa and the Netherlands.
The Treasury Department also sanctioned Mohamad Alhmidan, who had previously been designated by OFAC in 2016 for facilitating logistical and financial support for ISIS. Authorities said Alhmidan owns and controls Spider Gayrimenkul Ve Genel Ticaret Limited Sirketi, a Türkiye-based money service business, as well as Alkaram Danismanlik Gayrimenkul Ic Ve Dis Genel Ticaret Limited Sirketi, which allegedly operates on Spider’s behalf.
As a consequence of the sanctions, all assets and property interests belonging to the designated individuals and entities within U.S. jurisdiction have been frozen. U.S. citizens and companies are prohibited from conducting transactions with them, while foreign financial institutions that knowingly facilitate significant transactions on their behalf risk secondary sanctions and restrictions on access to the American financial system.
The latest coordinated actions by Nigeria and the United States underscore growing international efforts to deny terrorist organisations access to funding and financial infrastructure, which security agencies say remain critical to sustaining extremist activities across Africa and other regions.
While neither Nigerian nor U.S. authorities have announced criminal convictions against the affected individuals and entities, both governments maintain that the designations are based on intelligence findings and financial investigations pointing to their alleged involvement in terrorism financing activities.
Felix Ifijeh is a journalist with years of professional reporting experience. Known for his keen news sense, compelling storytelling and commitment to accurate, impactful reporting, he has built a reputation for turning leads into clear, engaging, and well-structured reports that resonate with readers. His work reflects deep newsroom experience and a commitment to accurate, impactful journalism.
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