The United States government has imposed sanctions on a Nigerian national and several companies allegedly linked to the financing activities of the Islamic State (ISIS), as part of a broader crackdown on networks accused of moving funds for the terrorist group across Europe, the Middle East and West Africa.
In a statement issued by US State Department spokesperson Tommy Pigott, Washington announced that three individuals and six entities had been designated under terrorism-related sanctions for allegedly facilitating financial transactions and logistical support for ISIS. According to the statement, the network operated across multiple countries, including France, Syria, Türkiye and Nigeria.
Among those sanctioned is Nigerian citizen Mukhtar Adamu Muhammad, who the US authorities allege used money exchange businesses to transfer funds on behalf of ISIS-linked operatives. The United States said the activities formed part of a wider international network involved in sustaining the operations of the extremist organisation.
The sanctions were issued under the Specially Designated Global Terrorist (SDGT) framework, which freezes assets under US jurisdiction and prohibits American individuals and institutions from conducting transactions with those designated.
US authorities also identified two other individuals accused of participating in ISIS financing operations. One is France-based Abderrahmane Miloud, who was alleged to have provided information related to explosives to ISIS sympathisers, while another, Syria-based Abdelhakim Boukich, was accused of using cryptocurrency channels to transfer money to ISIS affiliates in several countries, including the United States.
The US government subsequently released the identities of six companies linked to the sanctions, three of which are located in Nigeria. According to the designation, the firms are alleged to have facilitated financial movements connected to the Nigerian suspect and the broader ISIS network.
The Nigerian companies named under the sanctions are Generation Currency Bureau de Change Limited, based in Lagos; Nine to Nine Exchange Bureau de Change Limited, also located in Lagos State; and Manhattan Bureau de Change Limited, situated in Kano State. US authorities alleged that the firms were used as channels for transferring funds linked to terrorist financing activities.
The sanctions mean that any assets belonging to the designated individuals or companies that fall under US jurisdiction will be blocked, while American citizens, financial institutions and businesses are prohibited from engaging in transactions with them. The measures are also expected to limit the ability of those sanctioned to access international financial systems.
According to the US State Department, the action forms part of ongoing efforts to disrupt ISIS operations globally by targeting financial networks that enable the group to recruit members, procure resources and sustain terrorist activities.
Pigott reaffirmed Washington’s commitment to using diplomatic, economic and legal tools to counter terrorism and weaken extremist organisations worldwide. He stressed that the United States would continue to collaborate with international partners to identify and dismantle networks supporting ISIS and its affiliates.
Security analysts note that terrorist organisations increasingly rely on informal financial channels, money exchange businesses and digital assets such as cryptocurrencies to evade traditional banking regulations and move funds across borders. These methods, experts say, have complicated international efforts to track and disrupt terrorist financing.
The sanctions also highlight growing concerns over the activities of ISIS affiliates in West Africa, particularly the Islamic State West Africa Province (ISWAP), which has maintained a presence in parts of northeastern Nigeria and neighbouring countries. Counterterrorism experts believe disrupting financial channels remains a critical strategy in limiting the operational capabilities of extremist groups.
While the US allegations have drawn attention to the named individuals and companies, sanctions imposed by the United States are administrative measures and do not constitute criminal convictions. The designated parties may seek to challenge or contest the allegations through available legal procedures.
The latest action underscores increasing international cooperation aimed at combating terrorism financing and preventing extremist groups from exploiting global financial networks to fund violent activities and destabilise vulnerable regions.
