The Federal Government yesterday directed financial institutions and
designated non-financial businesses and professions to maintain full compliance
with sanctions obligations by freezing the assets of terrorists financiers.
The directive came against the backdrop of sanctions imposed on a Nigerian
financier of ISIS along with his three Bureaux De Change in Lagos and Kano,
by the US government.
It will be recalled that the US government had used its Executive Order 13224,
to sanction the Lagos-based financier, identified as Mukhtar Adamu
Muhammad, 35, and the three BDCs, including 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 a sweeping action targeting the group’s financial networks across
Europe, the Middle East and West Africa.
Aside from Mukhtar Muhammad Adamu and three BDCs named by the US
government, the Federal Government had earlier on June 18, 2026, added six
more names to the list of those to be sanctioned.
They include Ibrahim Yakubu Ogirima; Adamu Chiroma; Ibrahim Abubakar;
Abdullahi Umar Usman; Babangida Muhammed, Adamu Hammajam; and
Abbal Bako & Sons Bureau De Change Limited.
Reacting to the US action yesterday, the Nigerian Sanctions Committee said in
a statement: “The Federal Government reiterates its directive to all financial
institutions and designated non-financial businesses and professions to comply
fully with all sanctions obligations, including asset-freezing requirements, the
filing of Suspicious Transaction Reports and the reporting of relevant matches
to the appropriate authorities.’’
While declaring that terrorists and their financiers will find no safe haven with
Nigeria’s financial system, the committee said the action taken by the US
government effectively places Washington’s weight behind sanctions already
imposed by Nigeria, signalling a coordinated effort to choke off financial
networks that helped sustain terrorists groups and other extreme actors.
The committee welcomed the decision of the United States Office of Foreign
Assets Control, OFAC, to designate Mukthar Muhammad Adamu, Nine to Nine
BDC Limited and Generation Currency BDC Limited.
“Nigeria remains resolute in its commitment to ensuring that terrorists and their
financiers find no safe haven within the country’s financial system,” the
statement said.
According to the committee, the listing of six individuals and three entities
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 committee also commended the Federal Ministry of Justice and the Office
of the National Security Adviser for their roles in the sanctions process.
It further lauded 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 the financial lifelines of
terrorist organizations.
Commending the agencies, the committee said they had acted to ensure that
terrorist groups were denied access to resources that sustained their activities.
The committee reaffirmed Nigeria’s commitment to working with domestic and
international partners to combat terrorism financing and strengthen the integrity
of the country’s 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.