FG Orders Banks to Freeze Terrorists’ Financiers’ Assets, Backs US Crackdown on ISIS Financiers
Says terrorists, sponsors have no place in Nigeria’s financial system
Military claims major gains against ISIS, Boko Haram networks
BY FRONTLINEREPORTERS
The Federal Government has directed banks, financial institutions and designated non-financial businesses to immediately enforce sanctions against individuals and entities linked to terrorism financing by freezing their assets and reporting suspicious transactions.
The directive follows fresh sanctions imposed by the United States on a Nigerian businessman and three Bureau De Change (BDC) operators accused of facilitating financial transactions for the Islamic State of Iraq and Syria (ISIS).
The US government, acting under Executive Order 13224, designated Lagos-based Mukhtar Adamu Muhammad, 35, alongside three companies — Generation Currency Bureau De Change Limited, Nine to Nine Exchange Bureau De Change Limited and Manhattan Bureau De Change Limited — for allegedly helping to move funds for ISIS as part of a broader operation targeting the group’s financial networks across Europe, the Middle East and West Africa.
In a statement yesterday, the Nigerian Sanctions Committee welcomed the US action, describing it as a significant reinforcement of sanctions already imposed by Nigerian authorities.
“The Federal Government reiterates its directive to all financial institutions and designated non-financial businesses and professions to comply fully with all sanctions obligations, including asset-freezing requirements, filing Suspicious Transaction Reports and reporting relevant matches to the appropriate authorities,” the committee stated.
The committee stressed that terrorists and their financiers would find no safe haven within Nigeria’s financial system, noting that the coordinated actions by Nigeria and the United States demonstrate a united resolve to dismantle financial networks that sustain terrorist groups and extremist activities.
Earlier on June 18, 2026, the Federal Government had expanded its sanctions list to include six individuals and one company allegedly linked to terrorism financing. Those listed are Ibrahim Yakubu Ogirima, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman, Babangida Muhammed, Adamu Hammajam and Abbal Bako & Sons Bureau De Change Limited.
According to the committee, the sanctions followed extensive intelligence gathering, financial investigations and inter-agency assessments which established reasonable grounds to believe that the affected individuals and entities had facilitated, financed or otherwise supported the activities of the Islamic State West Africa Province (ISWAP) and affiliated terrorist networks.
The committee commended 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 identifying and disrupting terror-financing operations.
It reaffirmed Nigeria’s commitment to strengthening cooperation with both local and international partners to combat terrorism financing and protect the integrity of the country’s financial system.
“The government will continue to work closely with domestic stakeholders and international partners to safeguard national security, strengthen financial integrity and contribute to global efforts against terrorism financing,” the statement added.
Military Claims Major Successes Against Terrorists
Meanwhile, the Chief of Defence Intelligence, Lieutenant General Emmanuel Undiandeye, said the Nigerian Armed Forces, working in collaboration with international partners including the United States, the United Kingdom and France, had significantly degraded terrorist groups operating within and around Nigeria.
Speaking during the Second Quarter Operations Briefing for Foreign Defence Advisers and Attachés at the Defence Intelligence Agency headquarters, Abuja, the intelligence chief said ISIS, Boko Haram and other extremist groups had suffered severe losses, with many commanders and foot soldiers eliminated through sustained military operations.
“Our forces have assaulted, decimated and weakened them to the point where their logistics networks, arms suppliers, ammunition couriers and support structures have largely been dismantled,” he said.
Undiandeye maintained that Nigeria’s security challenges had been substantially contained through improved intelligence gathering, enhanced operational capabilities and stronger cooperation with international allies.
He explained that the quarterly briefing was designed to provide foreign defence representatives with an accurate picture of the country’s security situation and to showcase the growing synergy among Nigeria’s security and intelligence agencies in tackling emerging threats.
Director of Foreign Liaison, Major General Ojogbane Adegbe, said the forum also serves as a platform for engagement between foreign defence officials and Nigerian security agencies in the collective effort to enhance regional and national security.
“The collaboration among our agencies and international partners continues to yield significant operational successes in the fight against terrorism and other security threats,” he said.
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