The Economic and Financial Crimes Commission was already investigating a Lagos-based Bureau De Change operator, Mukhtar Adamu Muhammad, and three companies linked to him for alleged terrorism financing before the United States government imposed sanctions on them, sources within the anti-graft agency have disclosed.
Top EFCC officials familiar with the investigation told our correspondent that the commission had concluded significant aspects of its probe and was preparing charges when the US government announced the sanctions.
“We investigated these individuals and the BDC companies for terrorism financing and were preparing charges against them when the U.S. indicted them,” a source said.
The development comes after the United States designated Muhammad and three Nigerian companies linked to him as alleged financial facilitators of activities linked to the Islamic State of Iraq and Syria.
The designation formed part of a broader action targeting three individuals and six entities accused of facilitating the movement of funds for ISIS operations across different countries.
In a statement issued on Monday and sighted on Tuesday, U.S. Department of State spokesperson Thomas Pigott said the sanctions targeted individuals and entities operating in France, Syria, Türkiye and Nigeria.
According to the statement, the Nigerian national named in the sanctions is Mukhtar Adamu Muhammad, also known as Mukhtar Muhammad, a Bureau De Change operator based in Lagos State.
The U.S. authorities alleged that Muhammad and the affected companies served as financial conduits for the West African branch of ISIS by facilitating the movement of funds on behalf of the terrorist group.
The sanctions freeze any assets or interests in property belonging to the designated individuals and entities within U.S. jurisdiction and generally prohibit U.S. persons from engaging in transactions with them.
Although the EFCC has yet to issue an official statement on the matter, sources said the commission’s investigation focused on alleged terrorism financing activities and financial transactions suspected to be linked to terrorist operations.
The sources, however, declined to disclose when formal charges would be filed.
Meanwhile, the Nigeria Sanctions Committee has welcomed the decision by the United States Office of Foreign Assets Control to blacklist Adamu, Nine to Nine Bureau De Change, and Generation BDC Limited over alleged links to terrorism financing.
In a statement on Wednesday, the committee said the US action followed Nigeria’s earlier designation of the individuals and entities under the Nigeria Sanctions List on June 18, 2026.
According to the committee, the sanctions were based on extensive intelligence gathering, financial investigations, and inter-agency assessments, which established reasonable grounds to believe that the affected individuals and entities facilitated, financed, supported, or otherwise contributed to the activities of the Islamic State West Africa Province (and associated terrorist networks).
The committee stated, “These designations follow the inclusion of Adamu and his companies as part of a broader update to the Nigeria Sanctions List approved and published on 18th June 2026.
“The naming of the three companies and six persons followed extensive intelligence gathering, financial investigations, and inter-agency assessments which established reasonable grounds to believe that the affected individuals and entities facilitated, financed, supported or otherwise contributed to the activities of the Islamic State West Africa Province (ISWAP) and associated terrorist networks.”
It noted that the affected persons and entities were among those added to the Nigeria Sanctions List as part of a broader update approved and published on June 18, 2026.
Those listed include Ibrahim Yakubu Ogirima, Muktar Muhammad Adamu, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman, and Babangida Muhammed Adamu Hammajam.
The entities designated are Abbal Bako & Sons Bureau De Change Limited, Generation Currency BDC Limited and Nine to Nine BDC Limited.
The Federal Government reiterated its directive to financial institutions and designated non-financial businesses and professions to comply fully with sanctions obligations.
“The Federal Government reiterates its directive to all financial institutions and designated non-financial businesses and professions to continue to comply with all sanctions obligations, including asset-freezing requirements, the filing of Suspicious Transaction Reports and the reporting of all relevant matches to the appropriate authorities,” the statement said.
The committee also commended the efforts of key government agencies involved in the investigations and enforcement process.
It said, “The Nigeria Sanctions Committee commends the work of 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 for their actions to ensure that terrorist groups are denied the resources that sustain their activities.”
Reaffirming the government’s commitment to combating terrorism financing, the committee said Nigeria remained resolute in ensuring that terrorists and their financiers found no safe haven within the country’s financial system.
“The government will continue to work closely with domestic stakeholders and international partners to protect national security, strengthen financial integrity and contribute to global efforts to combat terrorism and its financing,” the statement added.
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