The Nigerian government has formally backed a new U.S Department of the Treasury sanctions targeting key terror financiers in Nigeria.
This high-level diplomatic alignment comes on the heels of the U.S Office of Foreign Assets Control (OFAC) blacklisting several individuals and entities across West Africa, Europe, and the Middle East for funneling hundreds of thousands of dollars to Boko Haram and the Islamic State West Africa Province (ISWAP).
The Nigerian government through the Nigeria Sanctions Committee said it welcomed the decision by the United States Office of Foreign Assets Control to designate Mukthar Muhammad Adamu, Nine to Nine Bureau De Change, and Generation BDC Limited over alleged links to terrorism financing.
In a statement on Wednesday, the committee said the U.S 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 U.S sanctions against the terror financiers 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 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.
The latest development comes after the United States government imposed sanctions on Mukhtar Muhammad, a Lagos-based Bureau De Change operator, and three companies allegedly linked to him over claims that they acted as financial channels for the ISWAP, a faction of the Islamic State of Iraq and Syria.
In a statement issued by the U.S Department of the Treasury’s Office of Foreign Assets Control, Muhammad, also known as Mukhtar Adamu Muhammad, was accused of facilitating financial transactions and money transfers on behalf of ISWAP.
OFAC also designated Nine To Nine Exchange Bureau De Change Limited, Generation Currency Bureau De Change Limited, and Manhattan Bureau De Change Limited, alleging that the firms were owned, controlled, or directed by Muhammad and were used to move funds for the terrorist group.
