The Federal Government yesterday directed financial institutions and designated non-financial businesses and professions to fully comply with sanctions obligations by freezing the assets of terrorist financiers.
The directive follows recent sanctions imposed by the United States government on a Nigerian financier of ISIS, along with three Bureau De Change (BDC) operators in Lagos and Kano.
The US government, under Executive Order 13224, sanctioned a Lagos-based financier identified as Mukhtar Adamu Muhammad, 35, as well as three BDCs—Generation Currency Bureau De Change Limited, Nine to Nine Exchange Bureau De Change Limited, and Manhattan Bureau De Change Limited—for allegedly moving funds for ISIS as part of broader actions targeting the group’s financial networks across Europe, the Middle East, and West Africa.
In addition to Mukhtar Adamu Muhammad and the three BDCs named by the US, the Federal Government had earlier on June 18, 2026, added six more individuals to its sanctions list. They include Ibrahim Yakubu Ogirima, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman, Babangida Muhammed, Adamu Hammajam, as well as Abbal Bako & Sons Bureau De Change Limited.
Reacting to the US action, the Nigerian Sanctions Committee said in a statement that all financial institutions and designated non-financial businesses must comply fully with sanctions obligations, including asset freezes, the filing of Suspicious Transaction Reports, and the reporting of relevant matches to the appropriate authorities.
The committee reiterated that terrorists and their financiers would find no safe haven within Nigeria’s financial system. It added that the US action effectively reinforces sanctions already imposed by Nigeria, signalling a coordinated effort to disrupt financial networks supporting terrorist groups and other extremist actors.
The committee also welcomed the decision of the United States Office of Foreign Assets Control (OFAC) to designate Mukhtar Adamu Muhammad, Nine to Nine BDC Limited, and Generation Currency BDC Limited, noting that they were among those included in an update to the Nigeria Sanctions List published on June 18, 2026.
According to the committee, the listings followed extensive intelligence gathering, financial investigations, and inter-agency assessments which established reasonable grounds to believe that the 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 commended the Federal Ministry of Justice and the Office of the National Security Adviser for their roles in the sanctions process, as well as the Central Bank of Nigeria, the Department of State Services, the Economic and Financial Crimes Commission, and the Nigerian Financial Intelligence Unit for supporting efforts to cut off terrorist financing channels.
The committee reaffirmed Nigeria’s commitment to working with both domestic and international partners to combat terrorism financing and strengthen the integrity of the financial system.
“The government will continue to work closely with domestic stakeholders and international partners to safeguard national security, strengthen financial integrity and contribute to global efforts to combat terrorism and terrorist financing,” the statement added.
In a related development, the Chief of Defence Intelligence (CDI), Lt. Gen. Emmanuel Undiandeye, said yesterday that the military is working closely with allied forces, including the United States, United Kingdom, and France, and has significantly degraded terrorist networks operating in the country.
Speaking during the Second Quarter Operations Briefing for Foreign Defence Advisers and Attaches at the Defence Intelligence Agency headquarters, the CDI said ISIS leadership, as well as Boko Haram and other terrorist groups, have lost a significant number of fighters and commanders due to sustained operations by Nigerian forces.
“Our forces have assaulted, decimated and dismantled them to the extent that their logistics, arms and ammunition supply chains and other support networks have been severely weakened,” he said.
“Nigeria is secured. The security challenges confronting our nation have largely been contained by the armed forces employing improved operational capabilities, intelligence and technology in close coordination with our allied partners, particularly the US, UK and France.”
Lt. Gen. Undiandeye added that the briefing was aimed at updating defence advisers and attaches on the current security situation in Nigeria so they could relay accurate information to their respective countries.
