WASHINGTON, D.C. — In a coordinated international effort to dismantle the financial infrastructure supporting the Islamic State of Iraq and Syria (ISIS), the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) designated three individuals and six entities across Europe, the Middle East, and West Africa on Monday, June 22, 2026.
Among those targeted is Nigerian national Mukhtar Adamu Muhammad, who was designated for materially assisting, sponsoring, and providing financial services to ISIS in West Africa (ISIS-WA). Alongside Muhammad, the U.S. sanctioned three Nigeria-based bureaux de change (BDCs) owned or controlled by him: Generation Currency Bureau De Change Limited (Lagos), Manhattan Bureau De Change Limited (Kano), and Nine to Nine Exchange Bureau De Change Limited (Lagos).
According to U.S. officials, these entities acted as financial conduits, enabling ISIS to decentralize its operations and move funds across borders to support regional affiliates. The broader action targeted a global network, including France-based Miloud Abderrahmane, accused of aiding with information on explosives, and Syria-based Abdelhakim Boukich, who utilized cryptocurrency to facilitate transfers for ISIS supporters in regions including Norway, Belgium, the Netherlands, South Africa, and the United States.
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"We are cutting off the financial lifelines from around the world that enable ISIS to fund attacks, support its regional affiliates, and threaten civilians," a Department of State spokesperson said.
Compliance and Consequences
As a result of these designations under Executive Order 13224:
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Asset Freezes: All property and interests in property of the designated individuals and entities that are in the United States or under the control of U.S. persons are blocked.
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Secondary Sanctions: Financial institutions and individuals engaging in transactions with the designated parties risk exposure to secondary sanctions.
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Strict Liability: OFAC may impose civil penalties for sanctions violations on a strict liability basis.
Local authorities in Nigeria have yet to provide detailed comment on the designations. When reached by telephone, Nigerian police spokesperson Anietie Iniedu noted that the information would need to be verified with the Nigeria Police Force National Cybercrime Centre (NPF-NCCC).
This latest move follows a history of U.S.-Nigerian cooperation in counter-terrorism, most notably cited by the U.S. as the recent elimination of Abu-Bilal al-Minuki, the global second-in-command of ISIS. The U.S. government has reiterated its commitment to using every available legal tool to hold ISIS and its financial supporters accountable.
