The Federal Government has directed financial institutions and designated non-financial businesses and professions to strictly comply with sanctions obligations by freezing the assets of individuals and entities linked to terrorism financing.
The directive followed recent sanctions imposed by the United States government on a Nigerian businessman, Mukhtar Adamu Muhammad, and three Bureau De Change (BDC) operators for allegedly facilitating financial transactions for the Islamic State of Iraq and Syria (ISIS).
The US government, through Executive Order 13224, designated Muhammad, 35, alongside Generation Currency Bureau De Change Limited, Nine to Nine Exchange Bureau De Change Limited and Manhattan Bureau De Change Limited, accusing them of moving funds for ISIS as part of a broader crackdown on the group’s financial networks across Europe, the Middle East and West Africa.
In a statement issued on Wednesday, the Nigerian Sanctions Committee reaffirmed the government’s commitment to enforcing sanctions against terrorism financiers and their collaborators.
“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 stated.
The committee noted that the US action reinforces sanctions already imposed by Nigeria and reflects growing international cooperation aimed at dismantling terrorist financing networks.
It welcomed the decision of the United States Office of Foreign Assets Control (OFAC) to designate Muhammad, Nine to Nine BDC Limited and Generation Currency BDC Limited, noting that the names had already appeared in an update to Nigeria’s sanctions list published on June 18, 2026.
The committee stressed that terrorists and their financiers would find no safe haven within Nigeria’s financial system.
Earlier, the Federal Government had added six individuals and one entity to its sanctions list. Those named include Ibrahim Yakubu Ogirima, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman, Babangida Muhammed, Adamu Hammajam and Abbal Bako & Sons Bureau De Change Limited.
According to the committee, the sanctions followed extensive intelligence gathering, financial investigations and inter-agency assessments which established reasonable grounds to believe that the affected individuals and entities facilitated, financed or supported the activities of the Islamic State West Africa Province (ISWAP) and other associated terrorist networks.
The committee commended the Federal Ministry of Justice and the Office of the National Security Adviser for their roles in the sanctions process.
It also praised the Central Bank of Nigeria (CBN), the Department of State Services (DSS), the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) for supporting efforts to disrupt the financial operations of terrorist groups.
Reaffirming Nigeria’s commitment to combating terrorism financing, the committee said the government would continue to collaborate with domestic stakeholders and international partners to strengthen financial integrity and safeguard national security.