The Nigeria Sanctions Committee (NSC) has endorsed the United States' decision to impose sanctions on three bureau de change (BDC) firms and several individuals accused of facilitating terrorism financing. The US Treasury Department announced the sanctions on Tuesday, targeting Mukhtar Muhammad Adamu and three BDC operators: Generation Currency Bureau De Change Limited, Nine to Nine Exchange Bureau De Change Limited, and Manhattan Bureau De Change Limited, for allegedly moving funds on behalf of the Islamic State (ISIS).
Details of the US Sanctions
According to US authorities, Adamu used businesses in Lagos and Kano to channel funds linked to ISIS. The sanctions are part of a broader international crackdown on individuals and entities across Europe, the Middle East, and West Africa accused of helping ISIS transfer funds across borders. The NSC, in a statement issued on Wednesday, June 24, noted that the US action followed the inclusion of Adamu and some affected firms on the Nigeria Sanctions List published on June 18, 2026.
Nigeria Sanctions Committee's Response
The NSC welcomed the US Office of Foreign Assets Control (OFAC) designation, stating that it followed extensive intelligence gathering, financial investigations, and inter-agency assessments. The committee said there were reasonable grounds to believe the affected individuals and entities had “facilitated, financed, supported or otherwise contributed” to the activities of the Islamic State West Africa Province (ISWAP) and other terrorist networks.
Federal Government's Directive
The federal government reiterated its directive to financial institutions and designated non-financial businesses and professions to comply fully with sanctions obligations, including freezing assets, filing suspicious transaction reports, and notifying relevant authorities of any matches. The NSC commended the Federal Ministry of Justice, the Office of the National Security Adviser (ONSA), 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 terrorism financing networks.
Nigeria's Commitment to Financial Integrity
The committee said Nigeria remains committed to ensuring that terrorists and their financiers have no safe haven within the country's financial system and pledged continued collaboration with domestic and international partners to strengthen financial integrity and combat terrorism financing. Those recently added to the Nigeria sanctions list include Ibrahim Yakubu Ogirima, Mukhtar Muhammad Adamu, 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.
