US Names Lagos-Based Bureau de Change, Other ISIS Financial Facilitators in Nigeria, West Africa
- The United States has imposed sweeping sanctions on individuals and bureaux de change in Nigeria and West Africa accused of financing ISIS operations
- These measures, announced on June 22, 2026, aim to disrupt terrorist funding networks and protect vulnerable communities targeted by ISIS violence
- By blocking assets and restricting transactions, Washington is intensifying its global crackdown on ISIS’s financial facilitators
On June 22, 2026, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced new sanctions against individuals and entities accused of facilitating financial transactions for the Islamic State of Iraq and Syria (ISIS).
The move highlights Washington’s continued efforts to disrupt terrorist financing networks across Europe, the Middle East, and West Africa.
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Treasury department sanctions
The sanctions list from US Treasury includes three individuals and six entities. These actors are accused of enabling ISIS to move funds among its affiliates, strengthening the group’s ability to operate globally. According to OFAC, the designations are part of a broader strategy to protect vulnerable communities targeted by ISIS violence.
“ISIS continues to seek new methods and tools to finance terrorist attacks,” said Secretary of the Treasury Scott Bessent. “The United States will leverage every tool at its disposal to crush ISIS’s remaining capabilities and protect American lives.”
Executive order 13224
The action was taken under Executive Order 13224, which allows the U.S. government to block assets of individuals and organisations linked to terrorism. ISIS was first designated under this authority in October 2004, when it was known as Al-Qa’ida in Iraq, and later listed as a Foreign Terrorist Organization in December 2004.
ISIS financial facilitators
The Treasury Department emphasised that ISIS relies on a decentralised network of financial facilitators. These individuals and businesses provide critical links between ISIS’s regional cells and its General Directorate of Provinces, which oversees operations and funding.
Among those named are:
- Miloud Abderrahmane, a French national accused of conducting transactions with ISIS affiliates and sharing information on explosives.
- Abdelhakim Boukich, a Syria-based facilitator who controls Bitcoin Xchange, a money service business used to transfer funds for ISIS associates across multiple countries.
- Mohamad Alhmidan, previously sanctioned in 2016, who owns Spider Gayrimenkul Ve Genel Ticaret Limited Sirketi (Spider) and Alkaram Danismanlik Gayrimenkul Ic Ve Dis Genel Ticaret Limited Sirketi (Alkaram), both Turkey-based firms linked to ISIS financing.
ISIS in West Africa
The sanctions also target Nigeria-based financial facilitators. Mukhtar Adamu Muhammad, identified as an ISIS in West Africa (ISIS-WA) financier, allegedly conducted money transfers on behalf of the group. He controls three Lagos-based bureaux de change:
- Nine Exchange
- Manhattan Bureau
- Generation Currency
These firms are accused of acting directly or indirectly on behalf of Muhammad to support ISIS-WA operations.
Sanctions implications
Under the sanctions, all property and interests of the designated individuals and entities within U.S. jurisdiction are blocked. U.S. persons are prohibited from engaging in transactions with them, and violations may result in civil or criminal penalties.
Foreign financial institutions that knowingly facilitate significant transactions for sanctioned persons may also face secondary sanctions, including restrictions on correspondent accounts in the United States.
The Treasury Department noted that sanctions are not intended as punishment but as a tool to encourage behavioural change. Entities can petition OFAC for removal from the sanctions list if they meet the legal requirements.
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Court sentences woman to 20 years for terrorism support
Legit.ng earlier reported that Justice Hauwa Yilwa of the Federal High Court, Abuja, has sentenced Halima Haliru Umar to 20 years in prison after she was convicted of unlawful possession of 302 rounds of AK-47 live ammunition and attempting to support acts of terrorism.
The Department of State Services (DSS) arrested Umar in Plateau State and charged her with four counts. On March 11, she pleaded guilty to counts three and four, which related to unlawful possession of ammunition and attempting to render support for terrorism.
Source: Legit.ng
