US Sanctions Lagos BDC Operator, Firms Over Alleged ISIS Financing

The United States has sanctioned a Nigeria-linked Bureau de Change operator and three firms over alleged ties to Islamic State financing networks.

Daily Trust reported that the US government named Mukhtar Muhammad, described as a Nigerian-based individual accused of helping ISIS move funds through money exchange businesses. Premium Times also reported the sanctions, identifying him as a Lagos-based BDC operator and linking the action to alleged terrorism financing.

The sanctioned firms include Generation Currency Bureau De Change Limited and Nine to Nine Exchange Bureau De Change Limited in Lagos, as well as Manhattan Bureau De Change Limited in Kano, according to the reports.

Daily Trust said the US government listed the Nigerian-linked firms among six companies designated under the sanctions. The action was announced under a US sanctions framework used against people and entities accused of supporting terrorism.

The reports also linked the network to alleged cross-border financing activity involving Nigeria and other countries. The allegations remain claims by US authorities and have not been reported as court findings in Nigeria.

The case has put informal currency networks back under scrutiny as Nigerian and foreign authorities track money flows linked to extremist groups.

Sources: Daily Trust, Premium Times