FG Backs US Sanctions On Nigerian BDCs Over ISWAP Financing

The Federal Government has backed fresh sanctions imposed by the United States targeting Nigerian bureau de change (BDC) operators and individuals accused of financing terrorism linked to Islamic State West Africa Province.

The United States Department of the Treasury on Tuesday designated Mukhtar Muhammad Adamu and three BDC firms for allegedly facilitating financial transactions on behalf of ISIS.

According to US officials, Adamu used businesses based in Lagos and Kano to channel funds to the group.

The affected firms are Generation Currency Bureau De Change Limited, Nine to Nine Exchange Bureau De Change Limited, and Manhattan Bureau De Change Limited.

The action forms part of a broader crackdown targeting financial networks across Europe, the Middle East, and West Africa suspected of supporting terrorist organisations.

Nigeria’s Nigeria Sanctions Committee welcomed the move, noting that the US action followed the inclusion of Adamu and his companies on Nigeria’s sanctions list on 18 June 2026.

In a statement, the committee said the designation was based on “extensive intelligence gathering, financial investigations, and inter-agency assessments,” adding that there were reasonable grounds to believe those listed had supported or facilitated ISWAP activities.

The Federal Government has directed banks and other financial institutions to fully comply with the sanctions by freezing affected accounts, reporting suspicious transactions, and alerting relevant authorities.

The NSC also commended key agencies, including the Federal Ministry of Justice, the Office of the National Security Adviser, the Central Bank of Nigeria, the Department of State Services, the Economic and Financial Crimes Commission, and the Nigerian Financial Intelligence Unit, for their roles in disrupting terrorist financing networks.

Reaffirming its stance, the committee said Nigeria remains committed to ensuring that terrorists and their financiers have no safe haven within the country’s financial system, while pledging continued collaboration with international partners to strengthen financial oversight.

Alongside Adamu, eight other individuals and entities were recently added to Nigeria’s sanctions list as part of ongoing efforts to curb terrorism financing.