The Nigeria Sanctions Committee (NSC) has welcomed the decision of the United States Office of Foreign Assets Control to sanction three bureau de change (BDC) firms and individuals over alleged links to terrorism financing.
On Tuesday, the US treasury department designated Mukhtar Adamu and three Nigerian BDC firms for allegedly facilitating financial transactions on behalf of ISIS.
The US said Adamu used his businesses in Lagos and Kano as conduits for moving funds linked to the terrorist group.
The firms named by Washington are Generation Currency Bureau De Change Limited, Nine to Nine Exchange Bureau De Change Limited, and Manhattan Bureau De Change Limited.
The sanctions were part of a broader crackdown targeting individuals and entities across Europe, the Middle East, and West Africa accused of helping ISIS move funds across borders.
In a statement on Wednesday, the committee said the US action followed Nigeria’s earlier designation of the individuals and entities under the Nigeria Sanctions List on June 18, 2026.
According to the committee, the sanctions were based on 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 (and associated terrorist networks.
The committee stated, “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 18th June 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.”
It noted that the affected persons and entities were among those added to the Nigeria Sanctions List as part of a broader update approved and published on June 18, 2026.
Those listed include Ibrahim Yakubu Ogirima, Muktar Muhammad Adamu, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman, and Babangida Muhammed Adamu Hammajam.
The entities designated 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 financial institutions and designated non-financial businesses and professions to comply fully with sanctions obligations.
“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 said.
The committee also commended the efforts of key government agencies involved in the investigations and enforcement process.
It said, “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.”
Reaffirming the government’s commitment to combating terrorism financing, the committee said Nigeria remained resolute in ensuring that terrorists and their financiers find no safe haven within the country’s financial system.
“The Government will continue to work 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 statement added.
