US-Blacklisted Lagos BDC Operator Faces EFCC Terror Financing Charges

The Economic and Financial Crimes Commission (EFCC) had reportedly completed significant portions of its investigation into a Lagos-based Bureau De Change operator, Mukhtar Adamu Muhammad, and three companies allegedly connected to him over suspected terrorism financing before the United States government imposed sanctions on the individuals and entities.

Sources within the anti-graft agency disclosed that preparations were already underway to file criminal charges against the suspects when U.S. authorities announced sanctions linking them to the financing of the Islamic State of Iraq and Syria (ISIS). Officials familiar with the matter revealed that the EFCC’s probe focused on allegations of terrorism financing and suspicious financial activities believed to be connected to terrorist operations.

The development followed a decision by U.S. authorities to designate Muhammad and three Nigerian firms as alleged facilitators of financial transactions supporting ISIS operations. The sanctions were part of a wider action targeting multiple individuals and entities accused of moving funds for terrorist activities across several countries.

According to information released by U.S. authorities, the sanctions affected individuals and organisations operating in countries including France, Syria, Türkiye and Nigeria. Muhammad, a Lagos-based Bureau De Change operator, was identified among those sanctioned.

Authorities in the United States alleged that Muhammad and the affected companies served as financial channels for the Islamic State West Africa Province (ISWAP), facilitating the transfer of funds on behalf of the terrorist group. Under the sanctions, any assets or property interests linked to the designated individuals and entities within U.S. jurisdiction have been frozen, while American citizens and businesses are prohibited from engaging in transactions with them.

Although the EFCC has not yet issued an official statement on the matter, insiders indicated that investigations into the suspects had advanced considerably before the U.S. action was announced. The agency, however, has not disclosed when formal charges are expected to be filed.

Meanwhile, Nigeria’s Sanctions Committee welcomed the measures taken by the United States Office of Foreign Assets Control against Muhammad, Nine to Nine Bureau De Change and Generation BDC Limited. In a statement released on Wednesday, the committee noted that the U.S. sanctions followed Nigeria’s earlier designation of the individuals and companies on the Nigeria Sanctions List on June 18, 2026.

The committee explained that the sanctions were based on intelligence gathering, financial investigations and inter-agency assessments which established reasonable grounds to believe that the affected individuals and companies facilitated, financed or otherwise supported the activities of ISWAP and associated terrorist networks.

The individuals named in the sanctions include Ibrahim Yakubu Ogirima, Mukhtar Muhammad Adamu, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman and Babangida Muhammed Adamu Hammajam. The affected companies were identified as Abbal Bako & Sons Bureau De Change Limited, Generation Currency BDC Limited and Nine to Nine BDC Limited.

The Federal Government also reiterated its directive to financial institutions and designated non-financial businesses and professions to fully comply with sanctions obligations, including asset-freezing requirements, the filing of Suspicious Transaction Reports and the reporting of relevant matches to appropriate authorities.

The committee further commended key agencies, including the Federal Ministry of Justice, the Office of the National Security Adviser, the Central Bank of Nigeria, the Department of State Services, the EFCC and the Nigerian Financial Intelligence Unit for their contributions to the investigation and enforcement process.

Reaffirming its commitment to combating terrorism financing, the government stated that it would continue collaborating with local institutions and international partners to strengthen financial integrity, safeguard national security and prevent terrorist organisations from accessing financial resources.