The Economic and Financial Crimes Commission (EFCC) had already concluded major aspects of its investigation into a Lagos-based Bureau De Change (BDC) operator, Mukhtar Adamu Muhammad, and three companies linked to him over alleged terrorism financing before the United States government imposed sanctions on them, sources within the anti-graft agency have disclosed.
Senior EFCC officials familiar with the investigation told The PUNCH that the commission was preparing criminal charges against the suspects when the United States announced sanctions against them over alleged links to the Islamic State of Iraq and Syria.
“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 familiar with the investigation told our correspondent.
The development followed the designation of Muhammad and three Nigerian companies by the United States as alleged financial facilitators for ISIS operations.
The sanctions formed part of a broader action targeting three individuals and six entities accused of facilitating the movement of funds for ISIS activities across several countries.
In a statement issued on Monday, the U.S. Department of State, through its spokesperson, Thomas Pigott, said the sanctions affected individuals and entities operating in France, Syria, Türkiye and Nigeria.
The Nigerian named in the sanctions is Mukhtar Adamu Muhammad, also known as Mukhtar Muhammad, a Lagos-based Bureau De Change operator.
According to the U.S. authorities, Muhammad and the affected companies acted as financial conduits for the Islamic State West Africa Province by facilitating the movement of funds on behalf of the terrorist organisation.
Under the sanctions, any assets or interests in property belonging to the designated individuals and entities within U.S. jurisdiction are frozen, while U.S. citizens and businesses are generally prohibited from engaging in transactions with them.
Although the EFCC has yet to issue an official statement, sources said the agency’s investigation centred on alleged terrorism financing and suspicious financial transactions linked to terrorist activities.
The officials, however, declined to state when formal charges would be filed.
Meanwhile, the Nigeria Sanctions Committee welcomed the action taken by the United States Office of Foreign Assets Control against Muhammad, Nine to Nine Bureau De Change and Generation BDC Limited.
In a statement issued on Wednesday, the committee disclosed that the U.S. action followed Nigeria’s earlier designation of the individuals and companies under the Nigeria Sanctions List on June 18, 2026.
According to the committee, the sanctions were based on extensive intelligence gathering, financial investigations and inter-agency assessments which established reasonable grounds to believe the affected individuals and companies facilitated, financed or otherwise supported the activities of the Islamic State West Africa Province and affiliated terrorist networks.
“These designations follow the inclusion of Adamu and his companies as part of a broader update to the Nigeria Sanctions List approved and published on June 18, 2026,” the committee stated.
“The naming of the three companies and six persons followed extensive intelligence gathering, financial investigations, and inter-agency assessments which established reasonable grounds to believe that the affected individuals and entities facilitated, financed, supported or otherwise contributed to the activities of the Islamic State West Africa Province (ISWAP) and associated terrorist networks.”
The committee listed the sanctioned individuals as Ibrahim Yakubu Ogirima, Muktar Muhammad Adamu, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman and Babangida Muhammed Adamu Hammajam.
The affected companies are Abbal Bako & Sons Bureau De Change Limited, Generation Currency BDC Limited and Nine to Nine BDC Limited.
The Federal Government reiterated its directive to financial institutions and designated non-financial businesses and professions to comply fully with sanctions obligations.
“The Federal Government reiterates its directive to all financial institutions and designated non-financial businesses and professions to continue to comply with all sanctions obligations, including asset-freezing requirements, the filing of Suspicious Transaction Reports and the reporting of all relevant matches to the appropriate authorities,” the committee said.
It also commended 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 for their roles in the investigations and enforcement process.
Reaffirming Nigeria’s commitment to combating terrorism financing, the committee said the government would continue working with domestic institutions and international partners to deny terrorist groups access to financial resources.
“The government will continue to work closely with domestic stakeholders and international partners to protect national security, strengthen financial integrity and contribute to global efforts to combat terrorism and its financing,” the statement added.
