On June 22, 2026, the Office of Foreign Assets Control (OFAC), a division of the U.S. Department of the Treasury, released a fresh sanctions list naming individuals and organizations alleged to be involved in financing terrorist activities.
According to the announcement, the sanctions target a network that includes bureaux de change operating in Nigeria, as well as financial service providers based in Syria and Turkey that authorities say are connected to ISIS-related activities.
Among the individuals identified is Mukhtar Adamu Muhammad, a Nigerian citizen born on August 2, 1990. He resides at No. 45, Abimbola Street, Agege, Lagos State, and is alleged to have ties to ISIS-West Africa.
U.S. authorities claim he oversees multiple bureaux de change operating within Nigeria.
Also named is Abdelhakim Boukich, widely known as Abu Sulayman. Born on December 15, 1993, in The Hague, Netherlands, he has been linked to ISIS and is said to control Bitcoin Xchange in Syria.
The list further includes Miloud Abderrahmane, a French national born in August 1992, who is accused of carrying out digital currency transactions on behalf of ISIS-linked affiliates.
Entities linked to ISIS financing
In addition to the individuals sanctioned, OFAC designated several companies that it alleges have provided support for ISIS operations.
The entities named include:
1. Generation Currency Bureau de Change Limited, Lagos, Nigeria, registered in January 2019.
2. Manhattan Bureau de Change Limited, located at No. 59 Murtala Mohammad Way, Wapa, Kano, Nigeria, registered in January 2021.
3. Nine to Nine Exchange Bureau de Change Limited, Block 7, Faan Complex, Airport Road, Ikeja, Lagos State, Nigeria, registered in August 2017.
4. Spider Gayrimenkul Ve Genel Ticaret Limited Sirketi, Istanbul, Turkey, operating under several aliases including Spider Money Transfer Company.
5. Alkaram Danismanlik Gayrimenkul Ic Ve Dis Genel Ticaret Limited Sirketi, based in Istanbul, Turkey, operating under multiple names including Al-Karam Financial Transfers.
6. Bitcoin Exchange Agent Idlib’s No.1 Coin Exchange, with branches in Idlib, Salqin, Darkush, and Sarmada, Syria.
Sanctions implications for Nigeria
As a result of the designations, all assets and property interests belonging to the named individuals and entities that fall under U.S. jurisdiction are frozen.
The sanctions also prohibit U.S. persons from conducting business or engaging in transactions with those listed. Failure to comply with these restrictions could result in either civil or criminal penalties.
In addition, foreign financial institutions found to have knowingly processed or facilitated transactions involving the sanctioned individuals or entities could be exposed to secondary sanctions.
Such measures may include limitations on maintaining correspondent banking relationships or accounts within the United States.
