The Federal Government has directed banks and designated non-financial businesses and professions to fully enforce sanctions against terrorism financiers by freezing their assets and reporting suspicious transactions to the relevant authorities.
The directive follows the recent sanctions imposed by the United States on a Nigerian accused of financing ISIS and three Bureau De Change (BDC) operators linked to him.
In a statement issued on Thursday, the Nigerian Sanctions Committee reaffirmed that all financial institutions must comply with sanctions obligations, including asset freezes, the filing of Suspicious Transaction Reports (STRs), and the reporting of potential sanctions matches.
The committee said the government's position aligns with the action taken by the United States Office of Foreign Assets Control (OFAC), which designated Lagos-based Mukhtar Adamu Muhammad, 35, and three BDC firms—Generation Currency Bureau De Change Limited, Nine to Nine Exchange Bureau De Change Limited, and Manhattan Bureau De Change Limited—for allegedly facilitating financial transactions for ISIS.
According to US authorities, the sanctions were part of a broader effort targeting ISIS financial networks operating across Europe, the Middle East and West Africa.
The Nigerian government noted that Mukhtar Adamu Muhammad, Nine to Nine BDC Limited and Generation Currency BDC Limited were already included in the Nigeria Sanctions List published on June 18, 2026.
The sanctions list also includes Ibrahim Yakubu Ogirima, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman, Babangida Muhammed, Adamu Hammajam, and Abbal Bako & Sons Bureau De Change Limited.
The committee said the listings followed intelligence gathering, financial investigations and inter-agency assessments that established reasonable grounds to believe the individuals and entities facilitated, financed or supported the activities of the Islamic State West Africa Province (ISWAP) and affiliated terrorist networks.
"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 statement said.
It added that Nigeria remains committed to preventing terrorists and their financiers from accessing the country's financial system and will continue working with domestic and international partners to combat terrorism financing.
The committee also commended 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 supporting efforts to disrupt terrorist financing.
Meanwhile, the Chief of Defence Intelligence, Lt. Gen. Emmanuel Undiandeye, said Nigeria's armed forces, working with partners including the United States, the United Kingdom and France, have significantly weakened terrorist groups operating in the country.
Speaking during the Second Quarter Operations Briefing for Foreign Defence Advisers and Attachés at the Defence Intelligence Agency headquarters in Abuja, Undiandeye said military operations had disrupted the leadership, logistics and supply networks of ISIS, Boko Haram and other terrorist organisations.
"Our forces have assaulted, decimated and decapitated them so much that their logistics, arms and ammunition couriers and other supporting networks have been vanquished," he said.
The defence chief added that the briefing was organised to provide foreign defence advisers with an update on Nigeria's security situation and the level of cooperation among the country's security and intelligence agencies.
