The Federal Government, through the Nigeria Sanctions Committee (NSC), has expressed support for the recent sanctions imposed by the United States on certain Nigerian individuals and bureaux de change (BDCs) accused of facilitating terrorism financing.
Security analysts, meanwhile, have urged authorities to intensify intelligence gathering and surveillance operations, particularly in Lagos State, warning that unchecked financial networks linked to terrorism could pose significant security threats. They stressed the need for proactive measures to prevent attacks similar to the September 11 incident in the United States, which reportedly involved years of planning by the terrorist group al-Qaeda.
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Some experts also argued that Nigeria’s fight against terrorism would remain challenging if financial channels allegedly used by extremist groups are not subjected to stricter oversight and regulation.
Earlier this week, the U.S. Department of the Treasury announced sanctions against Mukhtar Adamu and three Nigerian BDC firms for allegedly conducting financial transactions on behalf of the Islamic State of Iraq and Syria (ISIS).
According to U.S. authorities, Adamu reportedly used businesses operating in Lagos and Kano to move funds connected to the terrorist organisation.
The companies identified in the sanctions include Generation Currency Bureau De Change Limited, Nine to Nine Exchange Bureau De Change Limited, and Manhattan Bureau De Change Limited.
The measures form part of a wider international effort targeting individuals and organisations across Europe, the Middle East, and West Africa suspected of assisting ISIS in transferring funds across borders.
In a statement issued on Wednesday, the NSC noted that the U.S. decision came shortly after Adamu and some of his associated businesses were listed on Nigeria’s sanctions register on June 18, 2026.
The committee stated that the designation followed extensive intelligence operations, financial investigations, and collaborative assessments among relevant agencies.
According to the NSC, available evidence suggested that the affected persons and organisations were involved in facilitating, funding, supporting, or contributing to the activities of the Islamic State West Africa Province (ISWAP) and affiliated terrorist groups.
The Federal Government also reminded financial institutions and designated non-financial businesses of their obligations under the sanction’s framework, including freezing assets linked to designated persons, filing suspicious transaction reports, and notifying relevant authorities of any matches.
The committee further acknowledged the contributions of key agencies, including the Federal Ministry of Justice, the Office of the National Security Adviser, the Central Bank of Nigeria, the Department of State Services, the Economic and Financial Crimes Commission, and the Nigerian Financial Intelligence Unit, for their efforts in combating terrorist financing.
Chief Executive Officer of Badison Security, Matthew Ibadin, called for stronger grassroots security structures, urging Lagos State authorities to empower Community Development Areas (CDAs) and improve resident profiling.
He advocated closer monitoring of communities, enhanced documentation of residents, and thorough investigations of suspicious locations to strengthen internal security.
When contacted for comments on the report, the Lagos State Commissioner of Police stated that he had not yet been briefed on the matter and was unaware of its details.
Commenting on the U.S. sanctions, security analyst Nengi James said the allegations should not be dismissed, arguing that concerns about terrorism financing in Nigeria have long existed.
He claimed that weaknesses within regulatory and institutional frameworks have enabled illicit financial activities to thrive, adding that terrorist financing networks often involve multiple actors and financial channels operating both within and outside the country.
James, who also serves as Executive Director of the Niger Delta Development Initiative (NDDI), described Nigeria’s financial system as vulnerable to abuse and criticised what he called insufficient transparency and accountability mechanisms.
He further expressed concerns about corruption, alleging that public institutions responsible for enforcing financial regulations and anti-corruption laws have struggled to maintain public confidence.
Another security consultant, Abubakar Sadeeq, observed that combating terrorism remains difficult because many of those suspected of funding extremist activities reside within the country. He also alleged that some financiers may have links to foreign intelligence networks and influential business interests operating close to powerful individuals.
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