The Federal Government has thrown its weight behind the United States’ decision to sanction a Nigerian businessman and two Bureau De Change (BDC) operators accused of financing terrorist activities, describing the move as a significant step in the fight against terrorism and its financial backers.
The development comes as authorities intensify efforts to dismantle the financial networks that allegedly keep terrorist organisations operating across Nigeria and parts of West Africa.
Why The Sanctions Matter
In a statement issued on Wednesday, the Nigerian Financial Intelligence Unit (NFIU), through the Nigeria Sanctions Committee, welcomed the sanctions imposed by the United States Office of Foreign Assets Control (OFAC) on businessman Mukthar Muhammad Adamu, as well as Nine to Nine BDC Limited and Generation Currency BDC Limited.
According to the committee, the US action reinforces growing international cooperation aimed at cutting off funding channels used by terrorist groups.
The government disclosed that the individuals and companies had already been placed on Nigeria’s sanctions list on June 18, 2026, days before the United States announced its own measures.
Officials said the designation followed months of intelligence gathering, financial investigations and risk assessments carried out by Nigerian security and financial agencies.
Alleged Links To Terror Financing
The Nigeria Sanctions Committee stated that investigations uncovered what it described as reasonable grounds to believe that the affected individuals and entities were involved in facilitating, financing or supporting the activities of the Islamic State West Africa Province (ISWAP) and other affiliated terrorist organisations.
Authorities believe the sanctions will make it more difficult for the affected persons and businesses to access international financial systems, thereby disrupting funding channels allegedly used to sustain terrorist operations.
Beyond Mukthar Muhammad Adamu, the committee also listed Ibrahim Yakubu Ogirima, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman and Babangida Muhammed Adamu Hammajam among individuals sanctioned by Nigerian authorities.
The entities named include Abbal Bako & Sons Bureau De Change Limited, Generation Currency BDC Limited and Nine to Nine BDC Limited.
Financial Institutions Put On Notice
The committee directed banks, financial institutions and designated non-financial businesses to fully comply with existing sanctions obligations.
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These measures include freezing assets linked to designated individuals and organisations, filing Suspicious Transaction Reports (STRs), and promptly notifying relevant authorities whenever matches are identified.
Officials stressed that strict compliance remains critical to preventing terrorist groups from gaining access to funds through formal financial channels.
Nigeria Strengthens Global Anti-Terror Efforts
The Federal Government also commended the coordinated efforts of key agencies, including the Federal Ministry of Justice, the Office of the National Security Adviser (NSA), the Central Bank of Nigeria (CBN), the Department of State Services (DSS), the Economic and Financial Crimes Commission (EFCC), and the NFIU.
According to the committee, collaboration among local agencies and international partners remains essential to protecting the integrity of Nigeria’s financial system and denying terrorist groups the resources needed to carry out their activities.
The government reaffirmed its commitment to working with global partners to identify, investigate and disrupt financial networks linked to terrorism, while strengthening safeguards against money laundering and terror financing.