US IMPOSES SANCTIONS ON LAGOS BUREAUX DE CHANGE OVER ALLEGED ISIS FINANCING NETWORK

US IMPOSES SANCTIONS ON LAGOS BUREAUX DE CHANGE OVER ALLEGED ISIS FINANCING NETWORK


The United States government has announced fresh sanctions against several individuals and businesses across West Africa, including three Lagos-based bureaux de change in Nigeria, over allegations of facilitating financial transactions linked to the Islamic State of Iraq and Syria (ISIS).

The sanctions, announced on June 22, 2026, were issued by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) as part of ongoing efforts to disrupt global terrorism financing networks and weaken the operational capabilities of ISIS and its affiliates.

According to the U.S. Treasury Department, the latest action targets three individuals and six entities accused of helping ISIS move funds across international borders, strengthening the extremist group’s activities in the Middle East, Europe, and West Africa.

In a statement accompanying the announcement, U.S. Secretary of the Treasury Scott Bessent said the United States remains committed to dismantling financial structures supporting terrorist organizations worldwide.

He stated that ISIS continues to develop new methods for funding operations, adding that the U.S. government would continue using available tools to restrict the group’s access to financial resources and protect vulnerable communities affected by terrorism.

The sanctions were issued under Executive Order 13224, a legal framework that authorizes the U.S. government to block assets belonging to individuals or organizations connected to terrorism-related activities.

The Treasury Department explained that ISIS operates through a decentralized financial network that allows affiliates in different regions to receive and transfer funds through intermediaries, money service businesses, and other facilitators.

Among individuals listed under the sanctions are Miloud Abderrahmane, a French national accused of conducting financial transactions with ISIS affiliates and sharing information related to explosives manufacturing.

Another individual identified is Abdelhakim Boukich, a Syria-based facilitator said to control Bitcoin Xchange, a money service business allegedly used to move funds for ISIS-linked associates operating in multiple countries.

Also listed is Mohamad Alhmidan, previously sanctioned in 2016, who reportedly owns Turkey-based companies Spider Gayrimenkul Ve Genel Ticaret Limited Sirketi and Alkaram Danismanlik Gayrimenkul Ic Ve Dis Genel Ticaret Limited Sirketi, both allegedly connected to ISIS financial operations.

In Nigeria, U.S. authorities named Mukhtar Adamu Muhammad, identified as an alleged financier for ISIS in West Africa (ISIS-WA).

According to the Treasury Department, Muhammad allegedly coordinated money transfers on behalf of the extremist group and controlled three Lagos-based bureaux de change accused of facilitating the transactions.

The businesses named include Nine Exchange, Manhattan Bureau De Change, and Generation Currency.

The U.S. government said these firms were believed to have acted directly or indirectly to support ISIS-linked financial activities in the West African region.

Under the sanctions, all property, assets, and financial interests belonging to designated individuals and entities under U.S. jurisdiction have been blocked.

American citizens and organizations are prohibited from conducting transactions with those listed, while foreign financial institutions that knowingly facilitate significant transactions for sanctioned persons could face additional restrictions, including limitations on correspondent banking access in the United States.

The Treasury Department noted that sanctions are designed primarily to disrupt illegal financial operations and encourage compliance with international regulations rather than serve as punitive measures.

Affected individuals and organizations may petition OFAC for removal from the sanctions list if they satisfy legal conditions set by U.S. authorities.

The latest development underscores increasing global efforts to monitor and dismantle financial networks connected to extremist groups operating in Africa and other regions facing growing security threats.

Comments

Post a Comment

Popular posts from this blog

JUST IN: CDCFIB OPENS PORTAL FOR PHYSICAL SCREENING, DOCUMENT VERIFICATION FOR RECRUITMENT APPLICANTS

Image
CDCFIB OPENS PORTAL FOR PHYSICAL SCREENING, DOCUMENT VERIFICATION FOR RECRUITMENT APPLICANTS The Civil Defence, Correctional, Fire and Immigration Services Board (CDCFIB) has officially announced the commencement of the next phase of its ongoing 2024/2025 recruitment exercise, calling on shortlisted applicants to prepare for physical screening and document verification. In an official statement released on Saturday by the Secretary of the Board, Maj.-Gen. Abdulmalik Jibril (Rtd.), the agency directed candidates who participated in the Computer-Based Test (CBT) held in November 2025 to check their application status through the official recruitment portal from June 15 to June 20, 2026. According to the Board, applicants are expected to visit the official recruitment website at https://recruitment.cdcfib.gov.ng/⁠� and log in using the application number generated during the initial registration process. Successful candidates who progress to the next stage will be required to upload relev...
Read more

JUST IN: ODIGBO LG BOSS ORDERS IMMEDIATE CLOSURE OF SCHOOLS OVER SECURITY CONCERNS

Image
ODIGBO LG BOSS ORDERS IMMEDIATE CLOSURE OF SCHOOLS OVER SECURITY CONCERNS The Executive Chairman of Odigbo Local Government Area of Ondo State, Otunba (Hon.) Taiwo Adegoroye, has ordered the immediate closure of all public and private schools within the council area following rising security concerns. The directive, announced on Tuesday, is expected to remain in effect until further notice as authorities intensify efforts to strengthen safety measures across the local government. According to a statement issued by the Special Assistant to the Chairman on New Media, Comrade Olatunji Babatunde, the decision was taken as a precautionary measure to safeguard the lives and property of residents, particularly pupils, students, teachers, and other school personnel. Despite the closure order, the chairman clarified that candidates currently participating in national examinations would still be permitted access to their schools strictly for examination purposes. Hon. Adegoroye warned that any s...
Read more

AIYEDATIWA COMMISSIONS 10MVA TRANSFORMER, STUDENT HOSTELS IN ILE-OLUJI, SAYS INFRASTRUCTURE WILL DRIVE ECONOMIC GROWTH

Image
AIYEDATIWA COMMISSIONS 10MVA TRANSFORMER, STUDENT HOSTELS IN ILE-OLUJI, SAYS INFRASTRUCTURE WILL DRIVE ECONOMIC GROWTH Ondo State Governor, Hon. Lucky Orimisan Aiyedatiwa, has commissioned a series of community-funded development projects in Ile-Oluji, headquarters of Ile-Oluji/Okeigbo Local Government Area, describing the initiatives as strategic investments that will stimulate economic growth, create employment opportunities and improve the quality of life for residents. The projects were inaugurated on Thursday as part of activities marking the 10th Coronation Anniversary of the Jegun of Ile-Oluji Kingdom, Oba (Dr.) Oluwole Olufaderin Adetimehin, Jimoko II. Among the projects commissioned were a fully installed 10MVA 33/11KV step-down transformer, two blocks of a proposed 40-room student hostel designed to serve students of the Federal Polytechnic, Ile-Oluji, and a modern farmers’ market. The projects were executed through community-driven efforts aimed at enhancing infrastructure a...
Read more