US Treasury Names Nigerian, Three Nigerian Companies in ISIS Financing Network
Davidson Ogbebor
WASHINGTON, D.C. — The United States Department of the Treasury has sanctioned a Nigerian national and three Nigeria-based financial services companies for allegedly facilitating financial transactions on behalf of the Islamic State of Iraq and Syria (ISIS).
In a statement issued by the Treasury Department’s Office of Foreign Assets Control (OFAC), authorities announced sanctions against Mukhtar Adamu Muhammad, identified as an ISIS-West Africa (ISIS-WA) financial facilitator who allegedly conducted money transfers for the terrorist organization.
According to the U.S. Treasury, three Nigerian companies allegedly owned, controlled, or directed by Muhammad were also designated. The companies are:
- Nine to Nine Exchange Bureau de Change Limited
- Manhattan Bureau de Change Limited
- Generation Currency Bureau de Change Limited
The Treasury alleged that the firms were used to facilitate financial activities linked to ISIS-West Africa. As a result of the sanctions, any property or interests in property belonging to the designated entities that fall within U.S. jurisdiction are blocked, and U.S. persons are generally prohibited from conducting transactions with them.
The sanctions formed part of a broader action targeting three individuals and six entities across Europe, the Middle East, and West Africa accused of facilitating financial transactions for ISIS. U.S. officials said the move was aimed at disrupting the terrorist group’s ability to transfer funds among its regional affiliates and sustain operations.
Treasury officials stated that the United States would continue working with international partners, including Nigeria, to combat terrorism financing and dismantle financial networks supporting extremist organizations.
The Treasury designation constitutes an administrative sanctions action and does not by itself amount to a criminal conviction. However, it imposes significant restrictions on access to the international financial system and can have far-reaching consequences for affected individuals and businesses.