Nigeria welcomes US sanctions on alleged ISWAP financier, BDC firms

Nigeria has welcomed the decision by the United States to impose sanctions on Mukthar Muhammad Adamu and two Bureau De Change companies over alleged links to terrorism financing.

In a statement issued on Wednesday, the Nigeria Sanctions Committee said the US action followed Nigeria’s earlier designation of the individuals and businesses on its sanctions list on June 18, 2026.

The committee said investigations involving intelligence gathering, financial tracking and assessments by multiple agencies found reasonable grounds to believe that the affected individuals and companies supported or financed the activities of the Islamic State West Africa Province (ISWAP) and related terrorist networks.

“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 committee said.

Those listed by Nigeria include Ibrahim Yakubu Ogirima, Muktar Muhammad Adamu, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman and Babangida Muhammed Adamu Hammajam.

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

The Federal Government also directed financial institutions and other designated businesses to continue complying with sanctions measures, including freezing assets, filing suspicious transaction reports and reporting relevant matches to the authorities.

“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,” the statement said.

The committee praised agencies involved in the investigation and enforcement process, saying their efforts were helping to prevent terrorist groups from accessing funds.

It added that Nigeria would continue working with local and international partners to strengthen national security, protect the financial system and support global efforts against terrorism financing.

The development comes after the US Treasury Department announced sanctions against Muhammad, a Lagos-based Bureau De Change operator, and three companies allegedly linked to him.

US authorities accused him of facilitating financial transactions and money transfers for ISWAP through businesses said to be under his control.