A Lagos-based Bureau De Change operator accused of helping move funds linked to terrorist activities is set to face prosecution in Nigeria, as the Economic and Financial Crimes Commission (EFCC) intensifies efforts to disrupt terrorism financing networks.
Sources within the anti-graft agency disclosed that the EFCC had already concluded substantial investigations into Mukhtar Adamu Muhammad and three companies linked to him before the United States government announced sanctions against them.
According to senior officials familiar with the case, investigators had gathered evidence and were preparing charges over alleged terrorism financing when U.S. authorities designated Muhammad and the affected companies as alleged financial facilitators for the Islamic State of Iraq and Syria (ISIS).
“We investigated these individuals and the BDC companies for terrorism financing and were preparing charges against them when the U.S. indicted them,” a source revealed.
The sanctions formed part of a wider international action targeting individuals and entities accused of facilitating the movement of funds for ISIS operations across several countries.
The U.S. government identified Muhammad, a Lagos-based Bureau De Change operator, along with companies allegedly linked to him, as financial conduits for the terrorist group’s West African network.
The measures include freezing any assets or interests under U.S. jurisdiction and restricting transactions involving American citizens and institutions.
Although the EFCC has not officially announced the impending prosecution, insiders said the investigation focused on financial transactions suspected to be connected to terrorism financing and support for extremist activities.
The development has also received backing from Nigeria’s Sanctions Committee, which welcomed the decision by the United States Office of Foreign Assets Control to blacklist Muhammad, Nine to Nine Bureau De Change Limited and Generation Currency BDC Limited.
According to the committee, the U.S. action followed Nigeria’s earlier designation of the individuals and entities under the Nigeria Sanctions List on June 18, 2026.
The committee stated that extensive intelligence gathering, financial investigations and inter-agency assessments established reasonable grounds to believe that the affected individuals and companies facilitated, financed, supported or otherwise contributed to the activities of the Islamic State West Africa Province (ISWAP) and associated terrorist networks.
Those designated include Ibrahim Yakubu Ogirima, Mukhtar Adamu Muhammad, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman and Babangida Muhammed Adamu Hammajam.
The affected entities include Abbal Bako & Sons Bureau De Change Limited, Generation Currency BDC Limited and Nine to Nine Bureau De Change Limited.
The Federal Government has directed financial institutions and designated non-financial businesses to fully comply with sanctions obligations, including asset-freezing measures, the filing of Suspicious Transaction Reports and the reporting of relevant matches to authorities.
The committee also commended the collaborative efforts of the Federal Ministry of Justice, Office of the National Security Adviser, Central Bank of Nigeria, Department of State Services, EFCC and the Nigerian Financial Intelligence Unit in tracking and disrupting terrorism financing activities.
Reaffirming Nigeria’s commitment to safeguarding its financial system, the government said it would continue working with local and international partners to ensure that terrorist groups and their financiers are denied access to the resources needed to sustain their operations.
As the case progresses, the planned prosecution signals a tougher stance against terrorism financing and highlights growing cooperation between Nigerian authorities and international partners in combating extremist networks.
