EFCC Probe Preceded US Sanctions on Lagos BDC Operator Linked to Terror Financing

(EFCC. Photo Credit; NTANetwork)

The Economic and Financial Crimes Commission (EFCC) had already been investigating a Lagos-based Bureau De Change operator, Mukhtar Adamu Muhammad, and three companies linked to him for alleged t£rrorism financing before the United States government imposed sanctions on them, sources within the anti-graft agency have disclosed.

According to top EFCC officials familiar with the investigation, the commission had concluded significant aspects of its probe and was preparing charges when the US government announced the sanctions.

The US subsequently designated Muhammad and three Nigerian companies linked to him as alleged financial facilitators of activities connected to the Islamic State of Iraq and Syria (ISIS), as part of a broader action targeting individuals and entities in France, Syria, Türkiye, and Nigeria accused of facilitating the movement of funds for ISIS operations.

US Department of State spokesperson Thomas Pigott said the sanctions freeze any assets or property interests belonging to the designated individuals and entities within US jurisdiction and generally prohibit US persons from conducting transactions with them.

Although the EFCC has yet to issue an official statement, sources said the commission's investigation centred on alleged t£rrorism financing activities and financial transactions suspected to be linked to terrorist operations, though they declined to indicate when formal charges would be filed.

Meanwhile, the Nigeria Sanctions Committee welcomed the US action, noting that it followed Nigeria's earlier designation of the affected individuals and entities under the Nigeria Sanctions List on June 18, 2026.

The committee said the designations were based on extensive intelligence gathering, financial investigations, and inter-agency assessments that established reasonable grounds to believe the affected parties facilitated, financed, or otherwise supported the activities of the Islamic State West Africa Province (ISWAP) and associated t£rrorist networks.

Those listed include Ibrahim Yakubu Ogirima, Muktar Muhammad Adamu, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman, and Babangida Muhammed Adamu Hammajam.

The designated entities are Abbal Bako & Sons Bureau De Change Limited, Generation Currency BDC Limited, and Nine to Nine BDC Limited.

The federal government reiterated its directive to all financial institutions and designated non-financial businesses to comply fully with sanctions obligations, including asset-freezing requirements, the filing of Suspicious Transaction Reports, and the reporting of relevant matches to appropriate authorities.

The Nigeria Sanctions Committee commended the roles of the Federal Ministry of Justice, Office of the National Security Adviser, Central Bank of Nigeria, Department of State Services, EFCC, and the Nigerian Financial Intelligence Unit in the enforcement process.

The government reaffirmed its commitment to ensuring that t£rrorists and their financiers find no safe haven within Nigeria's financial system, pledging continued cooperation with domestic and international partners to combat t£rrorism financing.