Nigeria Backs U.S. Sanctions On Alleged ISWAP Financiers

The federal government has welcomed the decision of the United States to sanction Mukthar Muhammad Adamu and two Bureau De Change (BDC) companies over their alleged links to terrorism financing, describing the move as a significant step in the global fight against terrorism.

The latest sanctions are expected to further tighten restrictions on individuals and entities accused of providing financial support to terrorist organisations operating in Nigeria and the wider Lake Chad region.

In a statement by the Nigeria Sanctions Committee on Wednesday, the government said it received with satisfaction the inclusion of Adamu, Nine to Nine BDC Limited and Generation Currency BDC Limited on the sanctions list of the U.S. Office of Foreign Assets Control (OFAC).

According to the committee, the U.S. action came barely days after Nigeria added Adamu and the two companies to its own sanctions list as part of a broader update approved and published on June 18, 2026.

The committee further stated that the designation of six individuals and three companies followed extensive intelligence gathering, financial investigations and inter-agency assessments which established reasonable grounds to believe that the affected persons and entities facilitated, financed, supported or otherwise contributed to the activities of the Islamic State West Africa Province (ISWAP) and associated terrorist networks.

The individuals sanctioned by Nigeria are Ibrahim Yakubu Ogirima, Muktar Muhammad Adamu, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman and Babangida Muhammed Adamu Hammajam.

The affected entities are Abbal Bako & Sons Bureau De Change Limited, Generation Currency BDC Limited and Nine to Nine BDC Limited.

Reaffirming the government’s commitment to combating terrorism financing, the committee directed all financial institutions and designated non-financial businesses and professions to comply fully with sanctions obligations, including asset-freezing requirements, filing of Suspicious Transaction Reports and reporting of relevant matches to appropriate authorities.

The committee also commended the efforts of key government agencies involved in the sanctions process, including the Federal Ministry of Justice, Office of the National Security Adviser, Central Bank of Nigeria, Department of State Services (DSS), Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU).

It stressed that Nigeria remains committed to ensuring that terrorists and their financiers find no safe 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.