FG Targets ISWAP Funding Network As Assets Of Suspects Ordered Frozen
Nigeria Tightens Net Around Alleged Terror Financing Networks
THE Federal Government has intensified its campaign against terrorism financing with the designation of six individuals and three business entities accused of supporting the activities of the Islamic State West Africa Province (ISWAP) and related terrorist networks.
The latest action, announced by the Nigerian Sanctions Committee (NSC), forms part of a broader effort to disrupt financial channels believed to sustain terrorist operations across the country and the wider Lake Chad region.
The sanctions were approved and published on 18 June 2026, according to a statement issued by the Secretary of the Nigerian Sanctions Committee, Mrs. Beatrice Jedy-Agba, who also serves as Solicitor-General of the Federation and Permanent Secretary in the Federal Ministry of Justice.
Nigerian and U.S. Actions Converge
The announcement followed fresh sanctions imposed by the United States Department of the Treasury through its Office of Foreign Assets Control (OFAC).
The U.S. agency identified Lagos-based bureau de change operator Mukhtar Muhammad Adamu and three foreign exchange firms for allegedly facilitating financial transactions on behalf of ISWAP.
Nigeria’s sanctions list includes Adamu alongside two of the companies already designated by the United States, highlighting growing cooperation between both countries in tracking financial networks linked to extremist groups.
Officials said the parallel actions underscore increasing international coordination in efforts to deny terrorist organisations access to funding channels and financial services.
Individuals and Companies Designated
The Nigerian Sanctions Committee listed six individuals and three entities as subjects of the latest sanctions measures.
The designated persons are:
- Ibrahim Yakubu Ogirima
- Muktar Muhammad Adamu
- Adamu Chiroma
- Ibrahim Abubakar
- Abdullahi Umar Usman
- Babangida Muhammed Adamu Hammajam
The sanctioned companies include:
- Abbal Bako & Sons Bureau De Change Limited
- Generation Currency BDC Limited
- Nine to Nine BDC Limited
Authorities stated that investigations and intelligence assessments established reasonable grounds to believe the individuals and entities provided financial support or facilitated activities connected to ISWAP and affiliated terrorist networks.
Financial Institutions Directed to Act
Following the designations, the Federal Government directed banks, financial institutions and designated non-financial businesses and professions to immediately enforce sanctions obligations.
The measures include freezing assets linked to the affected persons and entities, filing suspicious transaction reports, and notifying relevant authorities of any matching accounts, assets or financial dealings.
The government stressed that compliance remains mandatory for banks, lawyers, accountants and other regulated professionals operating within Nigeria’s financial system.
Renewed Commitment Against Terror Financing
The Nigerian Sanctions Committee praised the collaboration among security, intelligence and financial regulatory agencies that contributed to the investigation and designation process.
Among the institutions commended were the Federal Ministry of Justice, Office of the National Security Adviser, Central Bank of Nigeria, Department of State Services, Economic and Financial Crimes Commission, and the Nigerian Financial Intelligence Unit.
Officials said the sanctions demonstrate Nigeria’s determination to ensure that terrorist groups and their financiers are denied safe access to the country’s financial infrastructure.
The government further pledged continued cooperation with international partners to strengthen financial integrity, improve intelligence sharing and advance global efforts against terrorism financing.
