Nigeria Orders Banks to Freeze Assets of Terrorism Financiers

Nigeria's Federal Government has directed all financial institutions and designated non-financial businesses to freeze the assets of terrorism financiers, ensuring full compliance with sanctions obligations. This directive comes in response to recent sanctions imposed by the US government on a Nigerian financier of ISIS and three Bureaux De Change (BDCs) operating in Lagos and Kano.

The US action targeted Mukhtar Adamu Muhammad, 35, and the BDCs – Generation Currency Bureau De Change Limited, Nine to Nine Exchange Bureau De Change Limited, and Manhattan Bureau De Change Limited – for allegedly channeling funds to ISIS. This is part of a broader US effort to disrupt the group's financial networks across multiple regions.

Nigeria has also expanded its own sanctions list, adding six individuals and three entities on June 18, 2026. These include Ibrahim Yakubu Ogirima, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman, Babangida Muhammed, Adamu Hammajam, and Abbal Bako & Sons Bureau De Change Limited.

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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 Nigerian Sanctions Committee stated, "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 emphasized that terrorists and their financiers will find no safe haven within Nigeria's financial system, noting that the US action supports Nigeria's existing sanctions and signals a coordinated approach to dismantle terrorist financial networks.

The committee welcomed the US Office of Foreign Assets Control's (OFAC) designation of Mukthar Muhammad Adamu and two BDCs, which were already included in Nigeria's updated Sanctions List. Nigeria remains committed to its pledge to ensure that terrorist elements cannot operate within its financial infrastructure.

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Nigeria remains resolute in its commitment to ensuring that terrorists and their financiers find no safe haven within the country’s financial system.