Washington has imposed terrorism-related sanctions on three Nigerian bureaux de change and their alleged owner, accusing them of providing financial support to the Islamic State West Africa Province (ISWAP), in a significant display of deepening counterterrorism cooperation between the United States and Nigeria.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the Department of State announced the designations on Tuesday, identifying Nigerian financier Mukhtar Adamu Muhammad as a key facilitator who allegedly conducted money transfers and supplied financial services on behalf of the militant group. Also sanctioned were three entities said to be owned, controlled, or directed by Muhammad: Nine to Nine Exchange Bureau de Change Limited, Manhattan Bureau de Change Limited, and Generation Currency Bureau de Change Limited.
The move forms part of a wider operation that targeted a total of three individuals and six entities spanning West Africa, Europe, and the Middle East. These networks are accused of helping ISIS raise, move, and conceal funds to sustain its global activities.
In addition to the Nigerian targets, U.S. authorities designated France-based Miloud Abderrahmane, accused of conducting financial transactions for known ISIS affiliates and sharing bomb-making instructions, and Syria-based Abdelhakim Boukich, alleged to have used cryptocurrency channels to facilitate transfers for ISIS associates across multiple countries.
According to the Treasury Department, Muhammad “materially assisted, sponsored, or provided financial, material, or technological support” for ISWAP. As a result of the sanctions, all property and interests of the designated individuals and entities within U.S. jurisdiction are blocked, and U.S. persons are generally prohibited from engaging in transactions with them.
ISWAP, which split from Boko Haram in 2016, has intensified attacks on military positions, civilian communities, and humanitarian operations across Nigeria’s North-East region and neighboring countries. Security analysts have long warned that terrorist groups in the Lake Chad Basin are increasingly turning to informal financial channels, including bureaux de change, cash couriers, and cryptocurrencies to evade detection.
The latest action builds on previous U.S. efforts to disrupt ISIS-linked financing. In March 2022, OFAC sanctioned six individuals accused of funneling funds to Boko Haram. Nigeria, for its part, has ramped up domestic measures, including court-ordered asset freezes recommended by the Nigeria Sanctions Committee.
The sanctions come as security ties between Abuja and Washington continue to strengthen through intelligence sharing, training, and joint operations aimed at degrading Boko Haram and ISWAP capabilities. Analysts say the targeting of Nigerian financial entities within a global ISIS financing takedown reflects the transnational nature of these networks and is expected to prompt tighter scrutiny of money service businesses across the country.
Experts emphasize the need for enhanced financial intelligence, stricter regulation of informal remittance systems, and sustained international collaboration to safeguard legitimate financial channels from terrorist exploitation.
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