FG Directs Banks, Businesses to Freeze Assets of Terrorism Financiers

The Federal Government has directed financial institutions and designated non-financial businesses and professions to comply fully with sanctions obligations, including freezing the assets of individuals and entities linked to terrorism financing.

 

The directive follows sanctions imposed by the United States government on a Nigerian alleged financier of the Islamic State (ISIS), Mukhtar Adamu Muhammad, and three Bureau De Change (BDC) operators linked to him.

 

The US Treasury Department, through Executive Order 13224, sanctioned Muhammad, 35, alongside Generation Currency Bureau De Change Limited, Nine to Nine Exchange Bureau De Change Limited and Manhattan Bureau De Change Limited, accusing them of facilitating financial transactions for ISIS as part of a broader crackdown on the group’s financial networks across Europe, the Middle East and West Africa.

 

The Nigerian Sanctions Committee, in a statement on Wednesday, reiterated the government’s directive to all financial institutions and designated non-financial businesses and professions to enforce sanctions measures.

 

“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 committee said.

 

The committee noted that Nigeria had already added Muhammad and the affected companies to its sanctions list on June 18, 2026, alongside six other 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 designations followed extensive intelligence gathering, financial investigations and inter-agency assessments which established reasonable grounds to believe the affected individuals and entities supported the activities of the Islamic State West Africa Province (ISWAP) and associated terrorist networks.

 

The committee welcomed the US action, describing it as a reinforcement of Nigeria’s efforts to dismantle terrorism financing networks.

 

“Nigeria remains resolute in its commitment to ensuring that terrorists and their financiers find no safe haven within the country’s financial system,” the statement said.

 

It also commended the Federal Ministry of Justice, Office of the National Security Adviser, Central Bank of Nigeria, Department of State Services, Economic and Financial Crimes Commission and the Nigerian Financial Intelligence Unit for their roles in the investigation and enforcement process.

 

The committee reaffirmed Nigeria’s commitment to working with local and international partners to strengthen financial integrity and combat terrorism financing.

 

Meanwhile, the Chief of Defence Intelligence, Lt.-Gen. Emmanuel Undiandeye, said Nigeria’s armed forces, working closely with international partners including the United States, United Kingdom and France, had significantly weakened terrorist groups operating in the country.

 

Speaking during the second-quarter operational briefing for foreign defence advisers and attachés at the Defence Intelligence Agency headquarters in Abuja, Undiandeye said several commanders, foot soldiers and support networks of terrorist groups had been neutralised.

 

“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.

 

He added that improved intelligence, technology and collaboration with allied nations had enhanced the military’s capacity to tackle security threats across the country.

 

“Nigeria is secured. The security challenges confronting our nation have largely been contained by the armed forces employing better operational capabilities, intelligence and technology in close coordination with our allied partners, particularly the US, UK and France,” he said.

 

The Defence Intelligence Agency said the briefing was aimed at providing foreign defence representatives with updates on the security situation in Nigeria and the wider Sahel region, while strengthening cooperation among security stakeholders.