ABUJA — The Federal Government has issued a firm directive to all financial institutions and designated non-financial businesses and professions to immediately freeze the assets of identified terrorist financiers. This order reinforces national security efforts and aligns with new sanctions imposed by the United States government targeting financial networks linked to ISIS.
Coordinated Action Against Terrorism Financing
The directive follows the recent U.S. Office of Foreign Assets Control (OFAC) designation of a Nigerian financier, Mukhtar Adamu Muhammad, and three Lagos-based Bureaux De Change (BDCs): Generation Currency BDC Limited, Nine to Nine Exchange BDC Limited, and Manhattan BDC Limited. These entities are accused of facilitating funds for ISIS operations across West Africa and the Middle East.
Nigeria’s Sanctions Committee has reaffirmed its commitment to choking off the financial lifelines of extremist groups. This action builds upon a broader list published by the Nigerian government on June 18, 2026, which includes six additional individuals and entities, such as Abbal Bako & Sons BDC Limited, now subject to these stringent asset-freezing measures.
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Multilateral Security Strategy
The government’s crackdown is supported by an inter-agency coalition, including the Central Bank of Nigeria (CBN), the Economic and Financial Crimes Commission (EFCC), and the Nigerian Financial Intelligence Unit (NFIU). Officials emphasize that intelligence-led investigations established that these actors directly contributed to the activities of the Islamic State West Africa Province (ISWAP).
In a related update, Chief of Defence Intelligence (CDI) Lt. Gen. Emmanuel Undiandeye stated that military operations, in collaboration with allied forces from the U.S., U.K., and France, have severely weakened the operational capabilities of ISIS and Boko Haram. "Our forces have assaulted, decimated, and decapitated them so much that their logistics and supporting networks have been vanquished," Undiandeye noted during a briefing for foreign defense attaches.
Strengthening Financial Integrity
The Federal Government’s directive serves as a warning that Nigeria will no longer serve as a safe haven for illicit financial flows. By aligning domestic enforcement with international sanctions, authorities aim to bolster the integrity of the financial system while intensifying the pressure on terrorist command structures.
The government continues to collaborate with global partners to safeguard national security and disrupt the logistical networks that sustain extremist violence in the Sahel and beyond.
