US sanctions Lagos BDC operator Mukhtar Muhammad and three firms for allegedly funding ISWAP terrorists
The US Treasury's OFAC sanctioned Lagos-based Bureau De Change operator Mukhtar Muhammad (also known as Mukhtar Adamu Muhammad) and three firms he allegedly controls: Nine To Nine Exchange Bureau De Change Limited, Generation Currency Bureau De Change Limited, and Manhattan Bureau De Change Limited. The Monday June 23, 2026 statement accused them of serving as financial conduits for ISWAP (Islamic State West Africa Province), the Boko Haram breakaway faction responsible for deadly attacks across Nigeria's Northeast and Lake Chad region.
OFAC alleges Muhammad operated from Lagos, using the three BDC firms to transfer funds supporting ISWAP operations. This marks the first public appearance of Muhammad and these firms on the US terrorism financiers list. Sanctions block all their US-held property and prohibit US citizens/businesses from transacting with them unless authorized by OFAC. Foreign financial institutions facilitating significant transactions with them could also face US sanctions.
The Nigerian government has previously sanctioned over 100 companies and 33 BDC firms for terrorism financing, arresting 96 suspects and 424 associates under Buhari's administration. OFAC also sanctioned international entities including France-based Miloud Abderrahmane and Syria's Abdelhakim Boukich (Bitcoin Xchange owner) for similar ISIS-related financial facilitation across multiple countries.
Given these sanctions target Lagos-based financial conduits for terrorists, should you verify if any BDCs or financial service providers you engage with appear on updated OFAC or Nigerian terrorism financier lists before conducting transactions?