US sanctions Nigerian BDC operator, three firms over alleged ISIS financing network
The United States government has imposed strict sanctions on a Nigerian national and three Bureau De Change (BDC) operators for their alleged roles in facilitating cross-border funding for the Islamic State (ISIS).
In a statement released on Monday, US State Department spokesperson Tommy Pigott disclosed that the Nigerian operative was part of a global syndicate consisting of three individuals and six corporate entities. The network reportedly stretched across France, Syria, Türkiye, and Nigeria, moving illicit funds through Europe, the Middle East, and West Africa.
According to Pigott, the syndicate included a France-based facilitator accused of supplying explosives information to ISIS supporters, and a Syria-based operator who allegedly utilized cryptocurrency to funnel funds to ISIS associates globally, including inside the United States.
“Under the leadership of President Trump, the United States is dismantling ISIS’ ability to finance terrorism around the world. We are cutting off the financial lifelines from around the world that enable ISIS to fund attacks, support its regional affiliates, and threaten civilians, including religious minorities,” the statement read.
The third operative, identified as a Nigerian-based BDC operator, allegedly used his financial businesses to channel funds directly for the terrorist group.
The identities of the sanctioned individuals
The US government released the full identities of the three individuals placed on the Specially Designated Nationals (SDN) list.
- Mukhtar Adamu Muhammad (also known as Adamu Mukhtar or Muhammad Mukhtar): A 35-year-old Nigerian national linked directly to ISIS-West Africa. His registered address is No. 45 Abimbola Street, off Capital Road, Morcas Agege, Lagos State.
- Boukich Abdelhakim (also known as Abu Sulayman Alholandi or Muhammad Babili): A Dutch-Syrian national operating out of Syria.
- Miloud Abderrahmane (also known as Ibrahim Ghazi): A French citizen operating within France.
Affected Nigerian BDC entities
Of the six entities sanctioned globally, three are Nigerian-based Bureaux De Change linked to Mukhtar Adamu Muhammad’s network. Two of the firms operate out of Lagos State, while one is located in Kano State.
The affected entities include:
| Entity Name | Registration Number | Location / Address | Affiliation |
| Generation Currency Bureau De Change Limited | RC 1555604 | Lagos, Nigeria | Linked to Mukhtar Adamu / ISIS Network |
| Manhattan Bureau De Change Limited | RC 1763824 | No. 59 Murtala Mohammed Way, Wapa, Kano, Nigeria | Linked to Mukhtar Adamu / ISIS Network |
| Nine to Nine Exchange Bureau De Change Limited | RC 1462752 | Ikeja, Lagos State, Nigeria | Linked to Mukhtar Adamu / ISIS Network |
US vows continued crackdown
The sanctions effectively block the designated individuals and entities from accessing any assets within US jurisdiction and prohibit American citizens and financial institutions from engaging in any transactions with them.
Spokesperson Pigott reiterated the commitment of the United States to dismantling terror networks, stating that Washington would continue to deploy both diplomatic and legal measures to disrupt ISIS and its global supporters.
Security experts, diplomats react
The revelation has drawn sharp reactions from local security professionals, who are calling for immediate institutional audits and aggressive prosecution.
Public intellectual Dr. Katch Ononuju warned that the global jihadist network has firmly rooted its franchise in Nigeria. He expressed deep concern that local agents have successfully infiltrated Nigeria’s security and financial architectures to move illicit funds seamlessly.
Similarly, international constitutional law expert Livingstone Wechie stated that the development exposes severe leadership failures in handling domestic terrorism.
“Nigeria ranks as the fourth most terrorism-impacted country globally, according to the Global Terrorism Index 2026. The country recorded a significant upsurge in extremist violence, with fatalities rising by 46 percent to 750 deaths,” Wechie noted.
Protecting Nigeria’s image
Retired diplomat and security expert Prof. Uche Mbanaso lamented the blow to the country’s global standing. “This is too bad for Nigeria, adding to its already fragile reputation,” Mbanaso said. “Since sponsors are the lifeblood of terrorism, we must decisively deal with these identified individuals.”
However, Kabir Adamu, Managing Director of Beacon Security and Intelligence Limited, argued that the nation should not bear the collective blame for individual criminality. He noted that while the US statement lacked specific transaction details, the onus is on Nigeria to act on the targets provided.
Calls for arrest and collaboration
Former Director of the Department of State Services (DSS), Barr. Mike Ejiofor, urged the federal government to immediately arrest and prosecute the suspects to retain international trust.
“This identification has made our job a little easier. Through ongoing collaboration with the US, we have to prosecute them if we are to regain the trust and confidence of our partners,” Ejiofor stated.
Security analyst Mohammed Abdullahi Jabi welcomed the breakthrough, noting that it builds on recent successes in US-Nigeria intelligence sharing.
Meanwhile, former Army spokesperson, Brig.-Gen. Sani Usman (rtd.), while praising the US sanctions, emphasized that legal accountability must follow financial blacklisting.
“Sanctions are important, but bringing alleged financiers before the courts could send an even stronger message. It would be more effective for US authorities to work closely with Nigeria to facilitate thorough investigations, arrests, and proper prosecutions,” Usman said.
This crackdown comes amid heightened US diplomatic and military focus on Nigeria over the last year. The US previously designated Nigeria as a Country of Particular Concern (CPC) following targeted killings by jihadist groups.
Stakeholders believe that how the Nigerian government handles these freshly unmasked BDC operators will determine the future of its strategic security alliances.
