US Sanctions Three Nigerian BDCs Over Alleged ISIS Financing Links

The United States government has named three Nigerian Bureau De Change (BDC) operators among six entities sanctioned over alleged links to financing activities connected to the Islamic State (ISIS).

The sanctions, announced by US authorities on Monday, also target three individuals accused of facilitating the movement of funds for the extremist group through a network spanning parts of Europe, the Middle East and Africa.

Speaking on the development, a US State Department spokesperson, Tommy Pigott, said one of the key facilitators identified in the network was based in Nigeria and allegedly used money exchange businesses to move funds across borders on behalf of ISIS-linked operatives.

According to US officials, the financial network stretched from France and Syria to Turkey and Nigeria.

A separate statement issued by the US Treasury Department identified the Nigerian suspect as Muhammad Mukhtar Adamu, a Lagos resident who was designated alongside two other individuals based in France and Syria.

The Treasury Department alleged that Adamu was linked to ISIS-West Africa and used a network of financial businesses to facilitate transactions associated with the terrorist group.

Among the entities listed were three Nigerian Bureau De Change companies — Generation Currency Bureau De Change Limited and Nine to Nine Exchange Bureau De Change Limited, both based in Lagos, as well as Manhattan Bureau De Change Limited in Kano.

US authorities said the firms were sanctioned over alleged connections to Adamu and activities linked to terrorist financing.

The sanctions were imposed under US counter-terrorism measures targeting individuals and organisations accused of providing financial or logistical support to designated terrorist groups.

Also listed were three foreign entities operating in Turkey and Syria, including money transfer and cryptocurrency exchange businesses allegedly used to facilitate the movement of funds linked to ISIS.

The US government said the action was part of ongoing efforts to disrupt international financing channels used by extremist organisations and prevent the transfer of funds across multiple jurisdictions.

Under the sanctions, any assets or interests in property of the designated individuals and entities that fall within US jurisdiction may be blocked, while American citizens and businesses are generally prohibited from conducting transactions with them.

The latest action underscores increasing international scrutiny of financial networks suspected of supporting terrorism and highlights continued efforts by global authorities to track illicit fund flows across borders.

The affected Nigerian companies and individuals had not publicly responded to the allegations at the time of filing this report.