FG Backs US Sanctions On Nigerians, BDCs Over Alleged Terror Funding

The Federal Government has welcomed the decision by the United States to impose sanctions on a Nigerian businessman and two Bureau De Change (BDC) operators over their alleged involvement in financing terrorist activities.

In a statement issued on Wednesday by the Nigerian Financial Intelligence Unit (NFIU), the Nigeria Sanctions Committee (NSC) described the action as an important step in the ongoing effort to disrupt financial networks that support terrorism within and beyond Nigeria.

The committee, which operates under the leadership of the Attorney-General of the Federation, said the sanctions demonstrate growing international cooperation in combating terrorism financing and preventing extremist groups from accessing the global financial system.

According to the statement, the United States Office of Foreign Assets Control (OFAC) recently designated Mukthar Muhammad Adamu, Nine to Nine BDC Limited, and Generation Currency BDC Limited for sanctions.

The committee noted that the US action came days after Nigeria had already placed the same individuals and entities on its domestic sanctions list on June 18, 2026.

The committee said the designations followed extensive intelligence gathering, financial investigations and assessments conducted by relevant security and financial agencies.

According to the findings, authorities 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 other associated terrorist networks.

The committee stated that disrupting such financial channels remains critical to weakening the operational capabilities of terrorist organisations and preventing them from accessing resources needed to sustain their activities.

Beyond Mukthar Muhammad Adamu and the two Bureau De Change firms sanctioned by the United States, Nigeria's sanctions list also includes several other individuals and entities identified during investigations.

They are:

Ibrahim Yakubu Ogirima

Adamu Chiroma

Ibrahim Abubakar

Abdullahi Umar Usman

Babangida Muhammed Adamu Hammajam

Abbal Bako & Sons Bureau De Change Limited

Generation Currency BDC Limited

Nine to Nine BDC Limited

The government said the listings form part of broader efforts to identify, monitor, and disrupt financial channels suspected of supporting terrorist organisations.

The Nigeria Sanctions Committee reiterated its directive to banks, financial institutions, and designated non-financial businesses and professions to comply fully with sanctions obligations.

It urged institutions to immediately freeze assets linked to designated persons and entities, submit Suspicious Transaction Reports where necessary and notify relevant authorities of any matches identified within their systems.

The committee stressed that compliance with sanctions measures remains a critical component of Nigeria's anti-money laundering and counter-terrorism financing framework.

The committee also commended several government institutions for their roles in investigating and disrupting financial networks linked to terrorism.

Among the agencies recognised were:

Federal Ministry of Justice

Office of the National Security Adviser (ONSA)

Central Bank of Nigeria (CBN)

Department of State Services (DSS)

Economic and Financial Crimes Commission (EFCC)

Nigerian Financial Intelligence Unit (NFIU)

According to the committee, collaboration among these institutions has strengthened Nigeria's ability to identify and dismantle financial structures allegedly used to support extremist groups.

Commitment To International Cooperation

The Federal Government said it remains committed to working with domestic institutions and international partners to strengthen the integrity of Nigeria's financial system and prevent terrorist groups from accessing funding.

The committee noted that closer cooperation between Nigeria and the United States reflects a shared determination to combat terrorism financing through intelligence sharing, financial monitoring, sanctions enforcement and coordinated investigations.

It expressed confidence that sustained collaboration between both countries and other international partners would further enhance efforts to safeguard national and global security while denying terrorist organisations access to financial resources.