*The Nigerian Government directs banks, Other Financial Institutions, and designated non-financial businesses and professions to freeze assets of terrorism financiers on support of the United States’ sanctions on affected Nigerians and Bureaux De Change firms linked to terror financing across the West African country
Isola Moses | ConsumerConnect
In strict compliance with obligatory sanctions by freezing the assets of terrorism financiers, the Nigerian Government Wednesday, June 24, 2026, directed banks, Other Financial Institutions (OFIs), and designated non-financial businesses and professions to follow suit.
ConsumerConnect reports the Federal Government’s directive to the financial institutions has become necessary in regard to sanctions the United States (US) recently imposed on a Nigerian terror financier of ISIS,and his three Bureaux De Change in Lagos and Kano, Northern Nigeria respectively.
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Earlier, the US Government had used its Executive Order (EO) 13224 to sanction the Lagos-based financier, identified as Mukhtar Adamu Muhammad, 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, a known international terrorist organisation, as part of a sweeping action targeting the group’s financial networks across Europe, the Middle East and West Africa.
Aside from Mukhtar Muhammad Adamu and three BDCs named by the US Government, the Nigerian Government June 18, 2026, had also included six more names to the list of those to be sanctioned in respect of terror financing in the West African country.
The other names include Ibrahim Yakubu Ogirima; Adamu Chiroma; Ibrahim Abubakar; Abdullahi Umar Usman; Babangida Muhammed, Adamu Hammajam; and Abbal Bako & Sons Bureau De Change Limited.
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Commenting on the US Government’s action slammed on the terror financier and associated BDCs, the Nigerian Sanctions Committee Wednesday, June 24, 2026, in a statement noted: “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.’’
Reiterating that terrorists and their financiers would not find a safe haven with Nigeria’s financial system, the Committee said the US Government’s decisive action against the individuals and finance firms effectively, had reinforced Washington’s sanctions, same which Nigeria had already imposed on them.
The statement noted the move indicated a coordinated effort at disconnecting financial networks that had helped to sustain terrorists’ groups and other extreme actors over the years.
The Nigerian Sanctions Committee stressed it welcomed the decision of the United States Office of Foreign Assets Control (OFAC) to have designated Mukthar Muhammad Adamu, Nine to Nine BDC Limited and Generation Currency BDC Limited.
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The three BDCs were found to be among those included in an update to the Nigeria Sanctions List earlier published June 18 this year.
The Committee further noted: “Nigeria remains resolute in its commitment to ensuring that terrorists and their financiers find no safe haven within the country’s financial system.”
The listing of 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 stated.
The Nigerian Sanctions Committee commended the Federal Ministry of Justice and the Office of the National Security Adviser (NSA) for their roles in the sanctions process.
It equally applauded the Central Bank of Nigeria (CBN), Department of State Service (DSS), Economic and Financial Crimes Commission (EFCC), and the Nigerian Financial Intelligence Unit (NFIU), for supporting the government efforts at cutting off the financial lifelines of terrorist organisations in Nigeria.
Commending the regulatory agencies, the Committee as well stressed that they acted timeously, to ensure that terrorist groups were denied access to resources that sustained their activities over time.
The statement noted the Committee reiterated Nigeria’s commitment to working with domestic and international partners to combat terrorism financing and strengthen the integrity of the country’s financial system.
The Committee said: “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.”
Defence Intelligence: Military with US, UK and France have broken backbone of ISIS, others
Likewise, Lt.-General Emmanuel Undiandeye, Nigeria’s Chief of Defence Intelligence (CDI) Wednesday reportedly said the country’s Military establishment is working in close coordination with allied forces, including the US, UK and France to disconnect terror financing.
Lt.-General Undiandeye said the joint efforts of these countries had broken the backbone of terrorists and their cronies, who hitherto had caused security challenges in Nigeria.
Speaking during the Second Quarter Operations Briefing for Foreign Defence Advisers and Attaches’ at the DIA headquarters, the CDI said ISIS leadership, 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, report said.
Undiandeye also 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.
“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.”
Lt.-Gen Undiandeye 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 same back home.
According to him, the forum was 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, according to him, is yielding great operational successes in various fronts.
Speaking at the briefing also, Major-General Ojogbane Adegbe, Director of Foreign Liaison, 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.
Major-General Adegbe stated: “It is also a forum in which accredited DA’s 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.”