US cracks down on ISIS finance network, names Lagos-based BDC operator

The United States government has sanctioned a Nigerian national and three Nigeria-based companies for allegedly facilitating financial transactions linked to the terrorist group, the Islamic State of Iraq and Syria (ISIS).

The action forms part of a broader designation targeting three individuals and six entities accused of supporting ISIS’s global financing network.

In a statement issued on Monday, U.S. Department of State spokesperson, Thomas Pigott, said the sanctions affected individuals and businesses operating across France, Syria, Türkiye, and Nigeria.

The Nigerian national identified in the designation is Mukhtar Adamu Muhammad, also known as Mukhtar Muhammad. U.S. authorities alleged that Muhammad is connected to ISIS West Africa and played a role in facilitating the movement of funds for the terrorist organisation.

The statement also named three Nigerian companies allegedly linked to Muhammad and the ISIS financing network. They are Generation Currency Bureau de Change Limited, Manhattan Bureau de Change Limited, based in Kano State, and Nine to Nine Exchange Bureau de Change Limited, located in Ikeja, Lagos State.

According to the U.S. government, the designated network enabled ISIS to move money across international borders.

“Today’s designations target three individuals and six entities operating across Europe, the Middle East, and West Africa who have enabled ISIS to move money across borders, exposing a network that spans from France and Syria to Türkiye and Nigeria,” Pigott said.

He added that the sanctions also targeted a France-based facilitator accused of providing information on the use of explosives to ISIS supporters and a Syria-based operative alleged to have used cryptocurrency to transfer funds on behalf of ISIS associates in several countries, including the United States.

The U.S. reaffirmed its partnership with Nigeria, noting that both countries collaborated in a military operation on May 16, 2026, which resulted in the death of Abu-Bilal al-Minuki, described by Washington as the second-highest-ranking ISIS official.

Pigott said the United States would continue to deploy diplomatic and legal measures against ISIS and its supporters worldwide.

“We will continue to use every diplomatic and legal tool available to hold ISIS and its supporters accountable wherever they operate and however they move money,” he said.

The sanctions were imposed under Executive Order 13224, as amended. The U.S. also noted that ISIS, formerly known as al-Qa’ida in Iraq, has been designated as a Specially Designated Global Terrorist organisation since 2004.