The United States government has sanctioned three Nigerian Bureau de Change (BDC) operators and one Nigerian individual, accusing them of being part of a global network that allegedly finances the Islamic State (ISIS). The U.S. Department of the Treasury named Generation Currency Bureau de Change Limited, Nine to Nine Exchange Bureau de Change Limited, and Manhattan Bureau de Change Limited among entities linked to terror financing.
US Treasury Names Key Figures and Entities
The U.S. Department of State announced on Monday that the sanctions target a facilitator based in Nigeria who allegedly helped move illicit funds through currency exchange businesses. Tommy Pigot, a State Department spokesperson, stated: “The network operates across France, Syria, Turkey, and Nigeria, and the financial facilitators were alleged to be using money exchange businesses as a network to move money to and for the benefit of the group.”
The U.S. Treasury identified the Nigerian individual as Muhammad Mukhtar Adamu from Lagos, also known as Mukhtar Adamu or Muhammad Mukhtar. He is accused of being associated with ISIS-West Africa. The sanctioned BDCs include Generation Currency Bureau de Change Limited and Nine to Nine Exchange Bureau de Change Limited, both in Lagos, and Manhattan Bureau de Change Limited in Kano.
Global Network Disrupted
Other sanctioned individuals include Abdelhakim Boukich of Syria and Miloud Abderrahmane of France. Additional entities sanctioned are Alkaram Danışmanlık Gayrimenkul İç ve Dış Ticaret Limited Şirketi (Al-Karam Money Transfer Company) in Turkey, Bitcoin Exchange Agent Idlib’s No.1 Coin Exchange in Syria, and Spider Gayrimenkul ve Genel Ticaret Limited Şirketi (Spider Money Transfer Company) in Turkey.
The U.S. authorities stated that the sanctions are aimed at disrupting financing networks that enable ISIS to conduct attacks and limit their access to the international financial system. The Treasury Department emphasized that the entities were sanctioned under counter-terrorism financing measures related to Adamu and are believed to be involved in financial activity associated with ISIS.
Impact on Nigerian Currency Market
Earlier, Legit.ng reported that BDC operators had raised the exchange rate of the US dollar above N1,400 in the parallel market. Key currency trading hubs in Lagos showed the dollar selling at N1,428, compared to N1,335 a few days earlier, indicating a depreciation of the naira by N93 in the black market.
The sanctions come amid ongoing efforts by the U.S. to combat terrorism financing globally. The Nigerian BDCs named in the sanctions are now subject to asset freezes and other financial restrictions under U.S. law.
