The Federal Government has directed financial institutions along with designated non-financial businesses and professions to maintain full compliance with sanctions obligations by freezing the assets of terrorism financiers. The directive came against the backdrop of sanctions imposed on a Nigerian financier of ISIS, along with his three Bureaux De Change in Lagos and Kano, by the United States government. The US government utilized its Executive Order 13224 to sanction the Lagos-based financier, identified as Mukhtar Adamu Muhammad, aged 35, and the three BDCs, including Generation Currency Bureau De Change Limited, Nine to Nine Exchange Bureau De Change Limited, and Manhattan Bureau De Change Limited, for allegedly moving funds for ISIS as part of a sweeping action targeting the financial networks of the group across Europe, the Middle East, and West Africa.
Aside from Mukhtar Muhammad Adamu and the three BDCs named by the United States government, the Federal Government had earlier on June 18, 2026, added six more names to the list of those to be sanctioned. They include Ibrahim Yakubu Ogirima, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman, Babangida Muhammed, Adamu Hammajam, and Abbal Bako & Sons Bureau De Change Limited. Reacting to the action of the US, the Nigerian Sanctions Committee issued a statement reiterating the state's mandate. The committee stated, “The Federal Government reiterates its directive to all financial institutions and designated non-financial businesses and professions to comply fully with all sanctions obligations, including asset-freezing requirements, the filing of Suspicious Transaction Reports and the reporting of relevant matches to the appropriate authorities.’’
While declaring that terrorists and their financiers will find no safe haven within the financial system of Nigeria, the committee noted that the action taken by the US government effectively places the weight of Washington behind sanctions already imposed by Nigeria, signaling a coordinated effort to choke off financial networks that helped sustain terrorist groups and other extreme actors. The committee welcomed the decision of the United States Office of Foreign Assets Control to designate Mukthar Muhammad Adamu, Nine to Nine BDC Limited, and Generation Currency BDC Limited. The three were among those included in an update to the Nigeria Sanctions List published on June 18, 2026. The statement noted, “Nigeria remains resolute in its commitment to ensuring that terrorists and their financiers find no safe haven within the country’s financial system,”
According to the committee, the listing of the six individuals and three entities 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.” The committee also commended the Federal Ministry of Justice and the Office of the National Security Adviser for their roles in the sanctions process. It further lauded the Central Bank of Nigeria, the Department of State Services, the Economic Financial Crimes Commission, and the Nigerian Financial Intelligence Unit for supporting efforts to cut off the financial lifelines of terrorist organisations. Commending the agencies, the committee said they had acted to ensure that terrorist groups were denied access to resources that sustained their activities. The committee reaffirmed the commitment of Nigeria to working with domestic and international partners to combat terrorism financing and strengthen the integrity of the country’s financial system. The statement added, “The government will continue to work closely with domestic stakeholders and international partners to safeguard national security, strengthen financial integrity and contribute to global efforts to combat terrorism and terrorist financing,”
In a related development, the Chief of Defence Intelligence, Lt. General Emmanuel Undiandeye, stated that the military is working in close coordination with allied forces, including the US, UK, and France, and had broken the backbone of terrorists and their cronies who have been causing security challenges in the country. Speaking during the Second Quarter Operations Briefing for Foreign Defence Advisers and Attaches’ at the DIA headquarters, the CDI said the leadership of ISIS, as well as Boko Haram and other terrorist groups, had had their foot-soldiers and several commanders largely taken out by resilient Nigerian armed forces. He noted, “Our forces have assaulted, decimated and decapitated them so much that their logistics, arms and ammunition couriers and other supporting networks have been vanquished.”
The Chief of Defence Intelligence assured that the country remains protected against insurgent threats due to tactical improvements. Undiandeye stated, “Nigeria is secured. The security challenges confronting our nation have largely been contained by the armed forces employing better operational capabilities, intelligence and technology in close coordination with our allied partners, particularly the US, UK and France.” He disclosed that the quarterly briefing was aimed at intimating the defence advisers and attaches with the true security situation of things in the country, so they could take the same back home. He said the occasion was also an opportunity to highlight the cordial synergy and working relationship existing among the security and intelligence agencies in the joint efforts at combating the various security threats confronting the country which is yielding great operational successes on various fronts. In his remarks, the Director of Foreign Liaison, Major General Ojogbane Adegbe, explained that the operational brief was one of the tools the agency employed to intimate the advisers on the security situations in Nigeria and the Sahel. Adegbe added that it is also a forum in which accredited DAs and attached interact not only with the agency but also other sister security agencies and stakeholders who work closely with the armed forces of Nigeria to ensure security of lives of the citizenry.
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