Nigeria backs US sanctions on bureau de change operator Adamu over ISWAP financing allegations
The US Treasury's OFAC sanctioned Lagos-based bureau de change operator Mukhtar Adamu and three firms--Nine to Nine Exchange Bureau De Change Limited, Generation Currency Bureau De Change Limited, and Manhattan Bureau De Change Limited--for allegedly financing ISWAP through financial transactions. Nigeria's Sanctions Committee Secretary Beatrice Jedy-Agba confirmed the US action followed Nigeria's own June 18, 2026 sanctions on Adamu, two companies, and four additional individuals (Ibrahim Ogirima, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Usman, Babangida Hammajam) after intelligence established reasonable grounds for terror financing links.
These sanctions block US assets and prohibit US persons from transacting with designated entities. Nigeria's measures require financial institutions and designated non-financial businesses to implement asset-freezing measures, file Suspicious Transaction Reports, and report matches involving designated persons. ISWAP remains active in Nigeria's Northeast and Lake Chad Basin, making terror financing disruption critical for regional security. The designations reflect growing international cooperation to choke extremist funding networks.
Financial institutions must comply fully with sanctions obligations including asset freezing and reporting matches. Non-compliance risks penalties under both Nigerian and US law. The sanctions underscore increased scrutiny of financial channels suspected of supporting terrorist activities in the region.