By Mary Onyia
The United States recently unveiled sanctions against a Nigerian bureau de change operator, Mukhtar Muhammad Adamu, and three currency exchange firms over their alleged role in financing the Islamic State West Africa Province (ISWAP). The sanctions, announced by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), accused the individuals and companies of facilitating financial transactions and money transfers for the terrorist group.
Following the U.S. action, the Nigerian government confirmed that six individuals and three entities had already been added to the Nigeria Sanctions List on June 18, 2026, after intelligence gathering, financial investigations, and inter-agency assessments. Authorities said there were reasonable grounds to believe the affected persons and companies supported or facilitated ISWAP and associated terrorist networks.
The sanctioned individuals are Ibrahim Yakubu Ogirima, Mukhtar Muhammad Adamu, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman, and Babangida Muhammed Adamu Hammajam. The affected entities are Abbal Bako & Sons Bureau De Change Limited, Generation Currency BDC Limited, and Nine to Nine BDC Limited.
In line with the sanctions, the Central Bank of Nigeria (CBN) has directed banks, payment service banks, and other financial institutions to immediately identify and freeze all accounts, assets, and economic resources linked to the designated individuals and entities, without prior notice. The directive forms part of broader efforts to disrupt terrorism financing and strengthen the integrity of Nigeria’s financial system.
Nigerian authorities have reaffirmed their commitment to working with domestic and international partners to deny terrorist groups access to financial resources. The government also urged financial institutions and designated non-financial businesses to comply fully with sanctions obligations, including asset-freezing measures and the reporting of suspicious transactions.