Nigeria welcomes US sanctions on alleged ISWAP financier and three BDC firms

Nigeria has welcomed the US decision to sanction Mukthar Muhammad Adamu and three Bureau De Change companies over alleged links to ISWAP terrorism financing. The sanctions target Adamu, Abbal Bako & Sons Bureau De Change Limited, Generation Currency BDC Limited, and Nine to Nine BDC Limited, following Nigeria's own designation of these entities on its sanctions list on June 18, 2026.

The Federal Government directed financial institutions and designated non-financial businesses to continue complying with sanctions measures, including freezing assets, filing suspicious transaction reports, and reporting relevant matches to authorities. Nigeria praised the investigative efforts of agencies involved and reiterated its commitment to working with local and international partners to strengthen national security and protect the financial system from terrorist financing.

Will financial institutions and Bureau De Change operators enhance their screening processes to ensure compliance with these sanctions, or risk facilitating prohibited transactions that could undermine national security efforts?

SOURCE: https://dailypost.ng/2026/06/24/nigeria-welcomes-us-sanctions-on-alleged-iswap-financier-bdc-firms/