The Nigerian government has reaffirmed its commitment to keeping terrorists and their financial backers out of the national banking sector. This statement follows the United States’ decision to sanction two Bureau de Change companies and an individual previously identified by Nigerian officials for their alleged involvement in terrorism financing. This alignment between Washington and Abuja underscores a unified strategy to disrupt the monetary lifelines that empower extremist groups.
The Nigeria Sanctions Committee, via the Nigeria Financial Intelligence Unit, expressed approval of the actions taken by the U.S. Office of Foreign Assets Control against Mukthar Muhammad Adamu, Nine to Nine BDC Limited, and Generation Currency BDC Limited. These entities were included in an updated national sanctions list on June 18, 2026. Official findings indicate that six individuals and three corporate entities provided support to the Islamic State West Africa Province (ISWAP).
Authorities have ordered financial institutions and relevant business sectors to strictly enforce sanctions, which include freezing assets and filing reports on suspicious transactions. The government commended various agencies, including the Central Bank of Nigeria and the Economic and Financial Crimes Commission, for their efforts in dismantling terrorist financing structures. Nigeria continues to prioritize collaboration with international partners to secure its financial systems and prevent further exploitation by militant organizations.
