The United States government has designated a Lagos-based businessman and three Nigerian currency exchange companies as Specially Designated Global Terrorists, naming them as part of an ISIS financial network operating across West Africa, Europe and the Middle East.
The U.S. Department of the Treasury’s Office of Foreign Assets Control designated three individuals and six entities across Europe, the Middle East, and West Africa for facilitating financial transactions on behalf of the Islamic State of Iraq and Syria.
The Nigerian national, Muhammad Mukhtar Adamu, is described by the Treasury as an ISIS in West Africa financial facilitator who conducted money transfers on behalf of the terrorist group.
Three Nigeria-based money service businesses owned, controlled, or directed by Muhammad were also designated: Nine to Nine Exchange Bureau de Change Limited, Manhattan Bureau de Change Limited, and Generation Currency Bureau de Change Limited.
Generation Currency Bureau de Change Limited is located in Lagos and was established on January 9, 2019, with Registration Number RC 1555604, while Manhattan Bureau de Change is located on Murtala Mohammad Way in Kano.
Also designated were France-based Miloud Abderrahmane, described as a facilitator who provided information concerning the use of explosives to ISIS supporters, and Syria-based Abdelhakim Boukich, who used cryptocurrency through a money service business called Bitcoin Xchange to transfer funds on behalf of ISIS associates in multiple countries including the United States.
Treasury Secretary Scott Bessent said: “ISIS continues to seek new methods and tools to finance terrorist attacks.
The United States will leverage every tool at its disposal to crush ISIS’s remaining capabilities and protect American lives.”
The department pointed to its 2026 National Terrorist Financing Risk Assessment and a Financial Crimes Enforcement Network advisory from April 2025 as evidence that sustained counterterrorism pressure has pushed ISIS toward more fragmented financing methods.
The designations follow the May 16, 2026 joint operation by the United States and Nigeria that resulted in the killing of Abu-Bilal al-Minuki, described as the number two official in ISIS and head of its General Directorate of Provinces, which provides operational guidance and funding to ISIS regional offices.
The United States reaffirmed its strong security partnership with Nigeria in connection with the action.
Under the sanctions, all property and interests in property belonging to the designated persons that are located in the United States, or under the control of U.S. persons, are blocked and must be reported to the Office of Foreign Assets Control (OFAC).
U.S. persons are generally prohibited from engaging in transactions involving blocked persons.
In addition, foreign financial institutions that knowingly facilitate significant transactions for sanctioned individuals or entities may be subject to secondary sanctions, including restrictions on access to correspondent or payable-through accounts in the United States.
