EFCC to Charge US-Sanctioned Lagos BDC Operator over Alleged ISIS Financing

The Economic and Financial Crimes Commission has been probing Lagos-based bureau de change operator Mukhtar Adamu Muhammad and three linked firms for alleged terrorism financing. Sources say the EFCC had nearly finalised its charges when the US government imposed sanctions against them. In a recent statement, the US Department of State labelled Muhammad and his companies as financial conduits for ISIS operations. The sanctions freeze any assets in US jurisdiction and bar US persons from transactions with the designated individuals and entities. Nigeria’s own Sanctions Committee had blacklisted Muhammad, Nine to Nine BDC, Generation Currency BDC and Abbal Bako & Sons BDC in June 2026. The designations followed extensive intelligence gathering and inter-agency assessments linking them to the Islamic State West Africa Province. The Federal Government has directed all financial institutions and designated non-financial businesses to freeze assets, file Suspicious Transaction Reports and report matches to the appropriate authorities. Key agencies including the CBN, DSS, EFCC and NFIU continue to work together to stem terrorism financing.

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