Nigeria Orders Banks to Freeze Assets of Terrorism Financiers

The Federal Government directed financial institutions and designated non-financial businesses and professions to freeze assets of individuals and entities designated as terrorism financiers. The directive followed U.S. sanctions imposed on a Lagos-based financier identified as Mukhtar Adamu Muhammad, 35, and three Bureaux De Change: Generation Currency Bureau De Change Limited, Nine to Nine Exchange Bureau De Change Limited, and Manhattan Bureau De Change Limited.

The U.S. action used Executive Order 13224 and targeted the movement of funds for ISIS across Europe, the Middle East, and West Africa. On June 18, 2026, Nigeria added six individuals and one additional entity to its sanctions list: Ibrahim Yakubu Ogirima, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman, Babangida Muhammed, Adamu Hammajam, and Abbal Bako & Sons Bureau De Change Limited.

The Nigerian Sanctions Committee stated that financial institutions must comply with asset-freezing requirements, file Suspicious Transaction Reports, and report relevant matches to authorities.

The committee said the U.S. designations reinforce sanctions Nigeria had already imposed and signal a coordinated effort to disrupt financial networks supporting terrorist groups. The committee credited the Federal Ministry of Justice and the Office of the National Security Adviser for their roles in the sanctions process.

It also noted support from the Central Bank of Nigeria, the Department of State Services, the Economic and Financial Crimes Commission, and the Nigerian Financial Intelligence Unit. The committee reaffirmed Nigeria's commitment to working with domestic and international partners to combat terrorism financing.