The United States has imposed sanctions on three Nigerian bureau de change (BDC) operators and a Lagos-based individual over their alleged involvement in a transnational financial network accused of supporting the Islamic State (ISIS).
The announcement was made on Monday by US State Department spokesperson Tommy Pigott, who said the action forms part of a wider effort to dismantle international channels used to finance the terrorist group.
According to Pigott, the network operates across several countries, including Nigeria, France, Syria and Turkey, using money exchange businesses and other financial channels to facilitate the movement of funds linked to ISIS activities.
In a separate statement, the US Department of the Treasury identified one of the sanctioned individuals as Muhammad Mukhtar Adamu, who is based in Lagos.
The Treasury also named three Nigerian bureau de change operators affected by the sanctions. They are Generation Currency Bureau de Change Limited and Nine to Nine Exchange Bureau de Change Limited, both based in Lagos, as well as Manhattan Bureau de Change Limited in Kano.
US authorities alleged that the Nigerian-based facilitator used money exchange businesses to move illicit funds connected to ISIS operations, although no further details of the alleged transactions were disclosed in the statement.
The sanctions are designed to disrupt financial networks that allegedly support terrorist organisations by restricting access to the US financial system and blocking any assets or interests under US jurisdiction.
The Treasury said the action targets both individuals and corporate entities believed to have played roles in facilitating the movement of funds for ISIS across multiple jurisdictions.
According to the US government, the broader sanctions package also covers individuals and financial networks operating in Europe and the Middle East, underscoring what it described as the global nature of the group’s financing infrastructure.
