The Federal Government has directed banks and other financial institutions across the country to immediately comply with sanctions against individuals and organisations linked to terrorism financing by freezing their assets and reporting suspicious transactions.
The directive followed recent sanctions imposed by the United States on a Nigerian man, Mukhtar Adamu Muhammad, and three Bureau De Change operators accused of helping move funds for the Islamic State group.
The action formed part of a wider operation targeting terror financing networks operating in Europe, the Middle East and West Africa.
Authorities disclosed that the affected BDC companies are Generation Currency Bureau De Change Limited, Nine to Nine Exchange Bureau De Change Limited and Manhattan Bureau De Change Limited.
The firms were accused of taking part in financial transactions connected to terrorist activities.
Reacting to the development, the Nigerian Sanctions Committee said all financial institutions and designated non-financial businesses must fully obey existing sanctions rules.
The committee directed them to freeze assets linked to sanctioned persons, file reports on suspicious transactions and notify the relevant authorities whenever matches are discovered.
The committee stated that Nigeria would not allow terrorists or those funding them to make use of the country’s financial system.
It added that the action taken by the United States supports measures already introduced by Nigeria and strengthens efforts to block the flow of money to terrorist groups.
The committee also noted that Nigeria had earlier expanded its sanctions list on June 18, 2026, by adding six individuals and one company.
Those listed include Ibrahim Yakubu Ogirima, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman, Babangida Muhammed, Adamu Hammajam and Abbal Bako & Sons Bureau De Change Limited.
According to the committee, the sanctions were based on intelligence reports, financial investigations and assessments carried out by different government agencies.
The investigations reportedly found grounds to believe that the affected individuals and entities provided financial support and assistance to the Islamic State West Africa Province (ISWAP) and related terrorist networks.
The committee praised the Federal Ministry of Justice and the Office of the National Security Adviser for their involvement in the sanctions process.
It also commended the Central Bank of Nigeria, the Department of State Services, the Economic and Financial Crimes Commission and the Nigerian Financial Intelligence Unit for their roles in disrupting financial channels used by terrorist groups.
It said the agencies had worked together to stop terrorists from accessing funds and resources needed to sustain their operations.
