US names three Nigerian BDCs, others financing terrorism

The United States has identified three Nigerian bureau de change (BDC) operators among individuals and entities allegedly linked to financing the Islamic State (ISIS), as part of a broader sanctions action targeting a transnational network.

Speaking on Monday, Tommy Pigott, spokesperson for the US State Department, said a Nigeria-based operator was among those accused of facilitating the movement of funds for ISIS through money exchange businesses.

According to Pigott, the network spans multiple countries, including France, Syria, Turkey, and Nigeria, with financial channels allegedly used to move funds across borders.

The US government said the individuals and entities have been sanctioned for their roles in supporting ISIS financing activities.

In a separate statement, the US Treasury Department listed the affected individuals and organisations, including Muhammad Mukhtar Adamu, identified as being based in Lagos.

Three Nigerian BDCs were also named among the entities. They are Generation Currency Bureau de Change Limited (Lagos), Nine to Nine Exchange Bureau de Change Limited (Lagos), and Manhattan Bureau de Change Limited (Kano).

According to the US authorities, the Nigerian-based facilitator allegedly used money exchange businesses as conduits for illicit financial flows linked to ISIS operations.

The sanctions form part of ongoing efforts by the United States to disrupt financial networks supporting terrorist organisations and limit their ability to operate globally.

The Treasury noted that the measures target both individuals and corporate entities believed to be involved in the network, with restrictions aimed at cutting off access to international financial systems.

Further details released by US authorities indicate that the designated network includes operatives and financial platforms across Europe and the Middle East, highlighting the global scope of the alleged financing structure.

The development underscores continued international scrutiny of financial channels that may be exploited for terrorism financing, particularly within informal and cross-border exchange systems.