The Federal Government has welcomed the decision by the United States Office of Foreign Assets Control (OFAC) to sanction three Nigerian bureau de change (BDC) operators over alleged involvement in terrorism financing.
In a statement released on Wednesday and made available to Channels Television, the Nigeria Sanctions Committee said it welcomed the designation of Muktar Muhammad Adamu, Nine to Nine BDC Limited, and Generation Currency BDC Limited by OFAC.
According to the committee, the US action followed the inclusion of Adamu and the affected companies in an updated Nigeria Sanctions List approved and published on June 18, 2026.
The committee explained that the sanctions were the result of extensive intelligence gathering, financial investigations, and inter-agency assessments. These efforts, it said, provided reasonable grounds to believe that the affected individuals and entities facilitated, financed, supported, or contributed to the activities of the Islamic State West Africa Province (ISWAP) and other affiliated terrorist networks.
It noted that those added to the Nigeria Sanctions List include Ibrahim Yakubu Ogirima, Muktar Muhammad Adamu, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman, Babangida Muhammed Adamu Hammajam, Abbal Bako & Sons Bureau De Change Limited, Generation Currency BDC Limited, and Nine to Nine BDC Limited.
The Federal Government reiterated its directive to all financial institutions and designated non-financial businesses and professions to strictly comply with sanctions obligations. These include freezing the assets of designated persons and entities, filing suspicious transaction reports, and reporting relevant matches to the appropriate authorities.
The committee also commended the efforts of key government agencies, including the Federal Ministry of Justice, the Office of the National Security Adviser, the Central Bank of Nigeria, the Department of State Services, the Economic and Financial Crimes Commission, and the Nigerian Financial Intelligence Unit for their roles in combating terrorism financing.
Reaffirming Nigeria’s commitment to national security, the committee stated that the government remains determined to ensure that terrorists and their financiers are denied access to the country’s financial system.
It added that the Federal Government will continue collaborating with local stakeholders and international partners to strengthen financial integrity, safeguard national security, and support global efforts to combat terrorism and its financing.