US sanctions Lagos businessman for alleged ISIS financing network

US sanctions Lagos businessman for alleged ISIS financing network

The United States government has sanctioned a Lagos-based businessman, Alhaji Mukhtar Adamu Muhammad, as part of a broader counter-terrorism operation targeting a financial network allegedly supporting ISIS. The designation, announced by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), accuses Muhammad of using bureau de change companies in Nigeria to facilitate money transfers for ISIS-West Africa (ISIS-WA).

The action was taken under Executive Order 13224 by the Trump administration. According to Washington, the crackdown targets a network spanning Nigeria, Syria, Turkiye, and France to cut off financial channels used to plan attacks and sustain regional affiliates, including those threatening religious minorities.

The Nigerian Network

OFAC listed Muhammad as a Nigerian national born on either August 2 or August 3, 1990. Along with the individual, the U.S. Sanctioned three money service businesses alleged to be owned, controlled, or directed by him:

• Nine To Nine Exchange Bureau De Change Limited: Located at Block 7, FAAN Complex, Airport Road, Ikeja, Lagos; established August 22, 2017 (RC 1462752).
• Manhattan Bureau De Change Limited: Located at No. 59 Murtala Mohammad Way, Wapa, Kano; established January 26, 2021 (RC 1763824).
• Generation Currency Bureau De Change Limited: Based in Lagos; established January 9, 2019 (RC 1555604).

This latest move brings the number of Nigerians targeted by U.S. Terrorism financing sanctions to 10 since 2022 when the US State Department initiated its most prominent sanction on Nigerian nationals.

International Links

The broader sanctions list includes two other individuals: Abderrahmane Miloud (also known as Ghazi Ibrahim), a French national accused of providing explosives-related information to ISIS supporters and conducting transactions with linked persons; and Abdelhakim Boukich (also known as Babili Muhammad), a Syria-based facilitator alleged to have controlled a Bitcoin exchange for ISIS-linked transfers.

U.S. Treasury Secretary Scott Bessent stated that ISIS continues to seek new ways to finance attacks. Spokesperson Thomas Pigott added that the U.S. Is dismantling the group's ability to fund terrorism as it increasingly relies on decentralized cells and financial intermediaries.

Local Discrepancies and Community Reaction

Investigation into the Lagos addresses provided by OFAC revealed conflicting accounts. At the FAAN Complex in Ikeja, security personnel and staff reported they had never heard of Nine To Nine Exchange Bureau De Change Limited. The site, which prominently displays a sign for the Zamfara State Government Temporary Lagos Liaison Office, was described by workers as belonging to a construction company.

In contrast, residents of Abimbola Street in Agege readily identified Muhammad, known locally as Alhaji Adamu, as the owner of the duplex at No. 45. Neighbors described him as a humble, reserved, and deeply religious man who is frequently seen at the mosque. One resident, identifying as a police officer, said the allegations were a complete surprise, noting that nothing in Muhammad's lifestyle suggested involvement in terrorism.

Some neighbors claimed that Muhammad has not been seen since the last Ramadan and rumored that he is in the custody of the Department of State Services (DSS) or under investigation by the EFCC. However, Nigerian authorities have not publicly announced criminal charges against him, and these claims remain unverified.

Context of U.S.-Nigeria Counter-Terrorism

The sanctions follow a May 16, 2026, joint operation between the U.S. And Nigeria that resulted in the death of Abu-Bilal al-Minuki, the head of the General Directorate of Provinces and the number two official in ISIS.

The U.S. Has a history of targeting Nigerian networks. In March 2022, six Nigerians—including Abdurrahman Ado Musa and Surajo Abubakar Muhammad—were sanctioned after being convicted in the UAE for attempting to transfer an estimated $782,000 to Boko Haram. In February 2026, the U.S. Expanded its list to include eight more Nigerians linked to ISIS, Boko Haram, and cybercrime.

As a result of the current designation, all property and interests of the named individuals and entities within U.S. Jurisdiction are blocked, and American citizens are generally prohibited from dealing with them. Financial institutions conducting transactions with these sanctioned parties face potential penalties or secondary sanctions.