Terror Financing Crackdown: FG Directs Banks to Freeze Assets as US Sanctions Nigerian, Three BDCs

The Federal Government has intensified efforts against terrorism financing by ordering financial institutions and designated non-financial businesses to enforce sanctions measures, including the immediate freezing of assets belonging to terrorism financiers.

The move comes after the United States sanctioned Mukhtar Adamu Muhammad, a Nigerian accused of financing ISIS, alongside three Bureau De Change companies operating in Lagos and Kano.

Under Executive Order 13224, US authorities designated Muhammad and the firms—Generation Currency Bureau De Change Limited, Nine to Nine Exchange Bureau De Change Limited and Manhattan Bureau De Change Limited—for allegedly transferring funds on behalf of ISIS. The sanctions are part of a wider international operation targeting terrorist financing networks across several regions.

Nigeria had already expanded its sanctions list on June 18, 2026, adding six individuals and one BDC company. Those listed include Ibrahim Yakubu Ogirima, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman, Babangida Muhammed, Adamu Hammajam and Abbal Bako & Sons Bureau De Change Limited.

In a statement issued yesterday, the Nigerian Sanctions Committee reaffirmed the government’s directive to financial institutions and businesses.

“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.”

The committee said the US sanctions complemented measures already taken by Nigeria and underscored a joint determination to cut off funding channels used by terrorist organisations and extremist groups.

It specifically welcomed the designation by the US Office of Foreign Assets Control (OFAC) of Mukhtar Muhammad Adamu, Nine to Nine BDC Limited and Generation Currency BDC Limited, noting that all three had already appeared on Nigeria’s updated sanctions register.

The committee explained that the sanctions followed intelligence-led investigations and inter-agency assessments which found reasonable grounds to believe the affected persons and entities were involved in supporting or financing ISWAP and related terrorist networks.

Commending the Federal Ministry of Justice, Office of the National Security Adviser, Central Bank of Nigeria, DSS, EFCC and NFIU, the committee said their coordinated actions were helping to deny terrorist groups access to resources needed to sustain their activities.

Reaffirming its commitment to the global fight against terrorism financing, the committee stated:

“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.”

Terrorists’ Logistics Networks Destroyed — Defence Intelligence Chief

Also speaking yesterday, Chief of Defence Intelligence Lt. Gen. Emmanuel Undiandeye said Nigerian troops and allied forces from the US, UK and France had successfully degraded terrorist organisations operating in the country.

Addressing foreign defence advisers and attachés during a security briefing at the DIA headquarters, he said security agencies had recorded major successes against ISIS, Boko Haram and other extremist groups.

“Our forces have assaulted, decimated and decapitated them so much that their logistics, arms and ammunition couriers and other supporting networks have been vanquished.”

Undiandeye maintained that improved intelligence, technology and international cooperation had helped contain major security threats facing the country.

He added that the quarterly briefing was intended to provide foreign partners with accurate updates on Nigeria’s security environment and strengthen collaboration in addressing security challenges across Nigeria and the Sahel region.

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