The Federal Government has welcomed fresh sanctions imposed by the United States on a Nigerian businessman and several Bureau De Change (BDC) operators accused of facilitating terrorism financing, reinforcing ongoing efforts to dismantle financial networks linked to extremist groups.
The Nigeria Sanctions Committee (NSC) said the US action aligns with measures already taken by Nigerian authorities against the affected individuals and companies.
The US Treasury Department recently designated Mukthar Muhammad Adamu and three BDC firms—Generation Currency Bureau De Change Limited, Nine to Nine Exchange Bureau De Change Limited and Manhattan Bureau De Change Limited—for allegedly facilitating financial transactions linked to the Islamic State network. Washington said Adamu used business interests in Lagos and Kano to move funds connected to the terrorist organisation.
In a statement, the NSC noted that Adamu and some of the affected firms had already been placed on Nigeria’s sanctions list on June 18, following intelligence gathering, financial investigations and inter-agency assessments. The committee said there were reasonable grounds to believe the designated individuals and entities supported or facilitated activities linked to the terrorist group ISWAP and associated networks.
The Federal Government reiterated its directive to banks, financial institutions and designated non-financial businesses to comply fully with sanctions obligations. These include freezing assets, filing suspicious transaction reports and notifying relevant authorities of any matches connected to sanctioned persons or entities.
The committee also commended key agencies involved in the investigation and enforcement process, including the Nigerian Financial Intelligence Unit, Economic and Financial Crimes Commission, Department of State Services, the Central Bank of Nigeria and the Office of the National Security Adviser.
Security experts have described the sanctions as a reminder of the persistent challenge posed by terror financing in Nigeria. Some called for tighter regulation of BDC operations and stronger intelligence-led surveillance to identify and disrupt financial channels used by extremist groups.
The development comes amid broader efforts by Nigerian authorities to crack down on terrorism financing. Earlier this year, the government published sanctions lists containing dozens of individuals and entities allegedly linked to the funding of extremist organisations.
