The Nigeria Sanctions Committee has applauded the decision of the United States Office of Foreign Assets Control (OFAC) to impose sanctions on Mukthar Muhammad Adamu, Nine to Nine Bureau De Change, and Generation BDC Limited over alleged links to terrorism financing.
In a statement issued Wednesday, the committee noted that the US move followed Nigeria’s earlier designation of the same individuals and entities under the Nigeria Sanctions List on June 18, 2026.
According to the committee, the sanctions were the outcome of extensive intelligence gathering, financial investigations, and inter-agency assessments which established reasonable grounds to believe that the affected persons and companies facilitated or supported the activities of the Islamic State West Africa Province (ISWAP) and allied terrorist networks.
The statement explained:
“These designations follow the inclusion of Adamu and his companies as part of a broader update to the Nigeria Sanctions List approved and published on 18th June 2026. The naming of the three companies and six persons was based on intelligence and financial investigations that confirmed their role in financing and supporting ISWAP.”
The updated Nigeria Sanctions List includes Ibrahim Yakubu Ogirima, Muktar Muhammad Adamu, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman, and Babangida Muhammed Adamu Hammajam. The entities listed are Abbal Bako & Sons Bureau De Change Limited, Generation Currency BDC Limited, and Nine to Nine BDC Limited.
The Federal Government reiterated its directive to financial institutions and designated non-financial businesses to comply fully with sanctions obligations, including asset-freezing requirements and the filing of Suspicious Transaction Reports.
Commending the efforts of agencies such as the Federal Ministry of Justice, Office of the National Security Adviser, Central Bank of Nigeria, DSS, EFCC, and the Nigerian Financial Intelligence Unit, the committee emphasized Nigeria’s commitment to denying terrorist groups access to resources.
It added that Nigeria will continue to collaborate with domestic stakeholders and international partners to safeguard national security, strengthen financial integrity, and contribute to global efforts against terrorism financing.
The US Treasury’s OFAC, in its own statement, accused Adamu also known as Mukhtar Adamu Muhammad, of facilitating financial transactions for ISWAP. It further designated Nine to Nine Exchange Bureau De Change Limited, Generation Currency Bureau De Change Limited, and Manhattan Bureau De Change Limited, alleging they were controlled by Adamu and used to channel funds for the terrorist group.
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