'The action was aimed at cutting off financial channels used by ISIS to plan attacks, sustain its affiliates and threaten civilians, including religious minorities.' — U.S. Treasury Secretary Scott Bessent.

Alhaji Mukhtar Adamu Muhammad, a Lagos businessman, has been named by the US government in an alleged ISIS financing network. The US government accused him of using bureau de change companies in Nigeria to facilitate money transfers for ISIS-West Africa.

Muhammad's house, located at No. 45, Abimbola Street, off Capitol Road, Agege, Lagos State, was allegedly used to conduct money transfers on behalf of ISIS-West Africa. The US government stated that Muhammad was using these bureau de change companies to launder money and facilitate transactions for the terrorist organisation.

According to the US Treasury Department, three individuals and six entities were sanctioned for enabling ISIS to move funds across borders in support of its operations and regional affiliates. The US authorities alleged that Muhammad had conducted money transfers on behalf of ISIS-West Africa.

Muhammad was listed as a Nigerian national born on August 2, 1990, with an alternative date of birth of August 3, 1990. The US also sanctioned three Nigeria-based money service businesses alleged to be owned, controlled or directed by Muhammad. These include Nine To Nine Exchange Bureau De Change Limited, Manhattan Bureau De Change Limited, and Generation Currency Bureau De Change Limited.

OFAC said Nine To Nine Exchange was established on August 22, 2017, with Registration Number RC 1462752, while Manhattan Bureau De Change was established on January 26, 2021, with Registration Number RC 1763824. Generation Currency Bureau De Change Limited, according to OFAC, was established on January 9, 2019, with Registration Number RC 1555604.

The US Treasury said ISIS had increasingly relied on decentralised cells, regional affiliates and financial intermediaries following sustained counter-terrorism pressure. The designation came weeks after the US and Nigeria cooperated in the operation that led to the killing of Abu-Bilal al-Minuki, described by Washington as the number two official in ISIS and head of its General Directorate of Provinces.

The US government warned that financial institutions and other persons who conduct transactions with those sanctioned could also be exposed to penalties or secondary sanctions. U.S. Treasury Secretary Scott Bessent said ISIS was still seeking new ways to finance attacks, adding that the United States would continue to use available tools to crush what remains of the group’s capabilities and protect American lives.

The satellite image of Muhammad's house on Google Maps revealed a duplex tucked quietly along the tarred residential street where residents carried on with their daily routines, seemingly untouched by the international controversy surrounding one of their neighbours.

Neighbours described Muhammad as a deeply religious man who worships at Agege mosque and minds his business. They were shocked to hear about his alleged involvement in the ISIS financing network.

The FAAN Complex, where Nine To Nine Exchange Bureau De Change Limited is located, is a maze of offices occupied largely by logistics companies. The US government had provided the address of the suspected Nigerian ISIS financier as No. 45, Abimbola Street, off Capitol Road, by Morcas, Agege, Lagos State.

Key Facts

• Alhaji Mukhtar Adamu Muhammad was accused of using bureau de change companies in Nigeria to facilitate money transfers for ISIS-West Africa. • The US government sanctioned three individuals and six entities for enabling ISIS to move funds across borders in support of its operations and regional affiliates. • The sanctioned entities include Nine To Nine Exchange Bureau De Change Limited, Manhattan Bureau De Change Limited, and Generation Currency Bureau De Change Limited. • The US Treasury said ISIS had increasingly relied on decentralised cells, regional affiliates and financial intermediaries following sustained counter-terrorism pressure. • The designation came weeks after the US and Nigeria cooperated in the operation that led to the killing of Abu-Bilal al-Minuki, described by Washington as the number two official in ISIS and head of its General Directorate of Provinces.