Fresh details have emerged about the terrorism financing case involving Lagos-based Bureau De Change operator, Mukhtar Adamu Muhammad, with sources revealing that the Economic and Financial Crimes Commission (EFCC) had already concluded significant parts of its investigation before the United States imposed sanctions on him and companies linked to him.
Senior officials familiar with the probe disclosed that the anti-graft agency had been investigating Muhammad and three Bureau De Change firms over alleged terrorism financing and was preparing criminal charges when the US government announced its sanctions.
According to sources within the commission, investigators had gathered evidence relating to financial transactions suspected to be connected to terrorist activities and were at an advanced stage of the case before the American action was made public.
The development follows the decision by the United States government to designate Muhammad and three Nigerian companies as alleged financial facilitators linked to the Islamic State of Iraq and Syria (ISIS). The sanctions formed part of a wider international operation targeting individuals and organisations accused of moving funds for terrorist networks across several countries.
In a statement issued by the US Department of State, spokesperson Thomas Pigott said the sanctions affected individuals and entities operating in Nigeria, France, Syria and Türkiye. Muhammad, identified as a Lagos-based Bureau De Change operator, was accused of helping facilitate financial transactions for ISIS-linked operations in West Africa.
Under the sanctions, any assets belonging to the designated individuals and entities within US jurisdiction are frozen, while American citizens and businesses are prohibited from conducting transactions with them.
Although the EFCC has yet to issue an official statement on the matter, sources confirmed that the agency’s investigation focused on alleged terrorism financing and financial activities believed to support terrorist operations. However, they declined to disclose when formal charges may be filed.
Meanwhile, Nigeria’s Sanctions Committee has welcomed the US action, noting that the affected individuals and companies had already been placed on the Nigeria Sanctions List on June 18, 2026.
The committee said extensive intelligence gathering, financial investigations and inter-agency assessments established reasonable grounds to believe that the designated individuals and entities supported or facilitated the activities of the Islamic State West Africa Province (ISWAP) and associated terrorist networks.
Among those listed are Ibrahim Yakubu Ogirima, Mukhtar Muhammad Adamu, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman and Babangida Muhammed Adamu Hammajam. The affected companies include Abbal Bako & Sons Bureau De Change Limited, Generation Currency BDC Limited and Nine to Nine BDC Limited.
The Federal Government has directed banks, financial institutions and designated non-financial businesses to fully comply with sanctions obligations, including asset freezes, suspicious transaction reporting and other regulatory requirements.
Authorities also reaffirmed Nigeria’s commitment to working with local and international partners to prevent terrorism financing and strengthen the integrity of the country’s financial system.
