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The Federal Government has hailed a recent US sanction on three Nigerian bureau de change operators accused of financing terrorism. The US Office of Foreign Assets Control named Muktar Muhammad Adamu and his companies in a terror financing list. Adamu's companies, Generation BDC Limited and Nine to Nine BDC Limited, are accused of facilitating and financing the activities of the Islamic State West Africa Province (ISWAP) and associated terrorist networks.

The sanction follows extensive intelligence gathering, financial investigations, and inter-agency assessments, which established reasonable grounds to believe that the affected individuals and entities had ties to ISWAP. The US Office of Foreign Assets Control added Adamu and his companies to its list on June 18, 2026. The inclusion of the three Nigerian BDC operators brings the total number of individuals and entities on the list to 27.

Muktar Muhammad Adamu is a bureau de change operator with a history of business dealings. His company, Generation BDC Limited, has been accused of facilitating transactions for suspected terrorists. Adamu's inclusion on the list has raised concerns about the ability of Nigerian BDC operators to launder money for terrorist groups.

The Federal Government reiterated its directive to all financial institutions and designated non-financial businesses and professions to continue to comply with all sanctions obligations. The sanctions committee commended the work of various Nigerian government agencies for their efforts to deny terrorist groups resources sustain their activities. Nigeria remains resolute in its commitment to ensuring that terrorists and their financiers find no safe haven within the country's financial system.

In a statement, the Nigeria Sanctions Committee said it welcomes the recent inclusion of Adamu and his companies by the US Office of Foreign Assets Control. The inclusion of the three Nigerian BDC operators brings the total number of individuals and entities on the list to 27. The Federal Government will continue to work closely with domestic stakeholders and international partners to protect national security, strengthen financial integrity, and contribute to global efforts to combat terrorism and its financing.

#### Additional Facts:

  • The Federal Government has instructed all financial institutions to comply with the sanctions and report suspicious transactions
  • The US Office of Foreign Assets Control added 24 individuals and entities to the list on June 18, 2026
  • The total number of individuals and entities on the list now stands at 27
  • Muktar Muhammad Adamu's company, Generation BDC Limited, has been accused of facilitating transactions for suspected terrorists

A key player in the story is the Nigeria Sanctions Committee, which has been working to list suspected terrorists and their financiers. The committee, established by the Federal government, works closely with international partners to enforce sanctions and prevent the flow of funds to terrorist groups. The committee has been instrumental in the inclusion of Adamu and his companies on the US list.

The implications of the US sanction on Nigerian BDC operators are significant. The inclusion of Adamu and his companies on the list means that international partners have identified them as facilitators of terrorism financing. The Federal Government's commitment to enforcing sanctions and strengthening the financial integrity of the country's financial system is essential in preventing the flow of funds to terrorist groups.