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Amnis house, Cotswolds, Uk,

Bureau de Change Architects,

Photo by Gilbert McCarragher

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FG Orders Banks To Freeze Assets After US Sanctions Nigerian, Three Firms Over Alleged ISIS Financing

By Desmond ogbonmwan The Federal Government has directed banks, bureaux de change, financial institutions and designated non-financial businesses across Nigeria to immediately comply with sanctions regulations by freezing the assets of individuals and organisations linked to terrorism financing. The directive follows recent sanctions imposed by the United States against a Nigerian national and three Nigerian bureaux de change accused of participating in a financial network allegedly connected to the Islamic State (ISIS). In a statement issued by the Nigerian Sanctions Committee, the government reminded all financial institutions of their legal obligation to enforce sanctions measures, including freezing assets, filing Suspicious Transaction Reports (STRs) and reporting any identified matches to the relevant authorities. The latest directive comes days after the United States Office of Foreign Assets Control (OFAC) announced sanctions against Lagos-based Mukhtar Adamu Muhammad, alongside Generation Currency Bureau De Change Limited, Nine to Nine Exchange Bureau De Change Limited, and Manhattan Bureau De Change Limited. According to U.S. authorities, the individuals and businesses were allegedly involved in moving funds connected to ISIS financial networks operating across West Africa, Europe and the Middle East. Nigeria Expands Its Own Sanctions List The Federal Government noted that even before the U.S. announcement, Nigeria had already updated its own sanctions list on June 18, 2026. The latest additions include: - Ibrahim Yakubu Ogirima - Adamu Chiroma - Ibrahim Abubakar - Abdullahi Umar Usman - Babangida Muhammed - Adamu Hammajam - Abbal Bako & Sons Bureau De Change Limited According to the Sanctions Committee, the designations followed intelligence gathering, financial investigations and inter-agency assessments which established reasonable grounds to believe the affected individuals and entities had allegedly facilitated or supported the activities of the Islamic State West Africa Province (ISWAP) and associated terrorist networks. Financial Institutions Warned The committee stressed that compliance with terrorism financing regulations is mandatory for banks, bureaux de change, insurance companies, fintech firms and other reporting institutions. It warned that institutions are expected to identify sanctioned persons, freeze any associated assets without delay and notify the appropriate regulatory authorities. The government said the measures are aimed at preventing Nigeria's financial system from being used to fund terrorism or extremist activities. "Nigeria remains resolute in its commitment to ensuring that terrorists and their financiers find no safe haven within the country's financial system," the committee stated. Coordinated International Effort Officials described the U.S. sanctions as reinforcing actions Nigeria had already taken, saying both countries are working toward disrupting financial networks that sustain terrorist organisations. The committee also commended the Federal Ministry of Justice, the Office of the National Security Adviser, the Central Bank of Nigeria (CBN), the Department of State Services (DSS), the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) for their roles in investigating and implementing the sanctions. Defence Intelligence Speaks On Security Gains Meanwhile, the Chief of Defence Intelligence, Lieutenant General Emmanuel Undiandeye, said Nigeria's military has significantly weakened terrorist groups through joint operations conducted alongside international partners including the United States, the United Kingdom and France. Speaking during the Defence Intelligence Agency's Second Quarter Operations Briefing for Foreign Defence Advisers and Attachés, the intelligence chief said several terrorist commanders, logistics networks and supply chains had been dismantled. "Our forces have assaulted, decimated and decapitated them so much that their logistics, arms and ammunition couriers and other supporting networks have been vanquished," he said. He added that Nigeria's security agencies continue to strengthen intelligence sharing and operational cooperation with allied countries to address terrorism and other transnational security threats. Renewed Focus On Terrorism Financing Security experts have increasingly identified financial networks as one of the most important lifelines sustaining extremist organisations. By targeting individuals, businesses and financial channels suspected of facilitating the movement of funds, authorities hope to restrict the ability of terrorist groups to recruit members, procure equipment and carry out attacks. The Federal Government said it remains committed to working with domestic agencies and international partners to strengthen Nigeria's financial system while contributing to broader global efforts to combat terrorism financing. RELATED STORIES FROM ROSEONALLSIDESHQ - US Sanctions Nigerian Man, Three Companies Over Alleged ISIS Financing Network - Stop Featuring Terrorists And Criminals On Your Front Pages — FG Tells Media Houses - Joe Igbokwe Backs Sowore's Remand, Says Criticising Tinubu Is 'Not A Career' - Dollar-Naira Exchange Rate: What Nigerians Need To Know This Week - JAMB 2026: Everything Candidates Need To Know About Admission Requirements Read the full article

[aalawsng]

CBN Policy on Bureau De Change

Latest Updates on Bureau De Change Regulations in Nigeria.

Revised CBN Policies and Regulations for Bureau De Change Operations in Nigeria

CBN Policy on Bureau De Change Latest Updates on Bureau De Change Regulations in Nigeria.

[pavel-nosok]

What to Do With Leftover Foreign Currency After Your Trip

What to Do With Leftover Foreign Currency After Your Trip

When you’re packing for your trip, you may be thinking about the best ways to get foreign currency to spend while you’re traveling, but you’re probably not thinking about what to do with your leftover bills and coins when you come home. The last thing you want to have to do is exchange back to U.S. dollars and lose 2… Read more…

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[nadiagosselin]

Au secours. Je ne suis pas encore partie que je suis déjà #ruinée. 🇨🇦✈️ 🏴󠁧󠁢󠁥󠁮󠁧󠁿 = 💸 😩#bureaudechange (à Aéroport Montréal-Trudeau Airport)