Terror Funding Allegations: Federal Government Reacts To US Blacklisting Of Nigerians

The Federal Government has welcomed the decision by the United States authorities to impose sanctions on Nigerian businessman Mukthar Muhammad Adamu and two Bureau De Change (BDC) operators over allegations of terrorism financing.....KINDLY READ THE FULL STORY HERE▶

The government described the move as a significant development in the ongoing campaign to dismantle financial networks suspected of supporting terrorist activities within and beyond Nigeria’s borders.

In a statement issued on Wednesday by the Nigerian Financial Intelligence Unit (NFIU), the Nigeria Sanctions Committee said the action taken by the United States Office of Foreign Assets Control (OFAC) reflects the growing level of international collaboration in the fight against terrorism financing.

According to the committee, Mukthar Muhammad Adamu, alongside Nine to Nine BDC Limited and Generation Currency BDC Limited, had already been designated by Nigerian authorities and added to the country’s sanctions list on June 18, 2026, prior to the US sanctions announcement.

The committee explained that the designation followed extensive intelligence gathering, financial investigations and risk assessments carried out by relevant Nigerian security and financial institutions.

It stated that findings from the investigations provided reasonable grounds to suspect that the affected individuals and entities were involved in facilitating, financing or supporting the activities of the Islamic State West Africa Province (ISWAP) and other affiliated terrorist groups.

The committee noted that the US sanctions would reinforce ongoing efforts to restrict suspected terrorist financiers from accessing international financial systems and resources.

In addition to Adamu, Nigerian authorities also listed Ibrahim Yakubu Ogirima, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman and Babangida Muhammed Adamu Hammajam among individuals sanctioned in connection with the investigation.

The entities named by the authorities include Abbal Bako & Sons Bureau De Change Limited, Generation Currency BDC Limited and Nine to Nine BDC Limited.

The committee reiterated its directive to banks, financial institutions and designated non-financial businesses to fully comply with sanctions regulations, including freezing assets linked to designated persons and organisations, filing Suspicious Transaction Reports and reporting any matches to the appropriate authorities.

It also commended the coordinated efforts of the Federal Ministry of Justice, the Office of the National Security Adviser (ONSA), the Central Bank of Nigeria (CBN), the Department of State Services (DSS), the Economic and Financial Crimes Commission (EFCC) and the NFIU in investigating and disrupting financial channels allegedly linked to terrorism financing.

Reaffirming the country’s commitment to combating terrorism, the committee said Nigeria would continue working closely with local institutions and international partners to strengthen the integrity of the financial system and prevent terrorist organisations from accessing funds capable of sustaining their operations.