Three Nigerian Bureau de Change (BDC) operators and a Nigerian citizen have been identified by the United States government among individuals and entities allegedly connected to the financing activities of the Islamic State (ISIS).
The announcement was made on Monday by the U.S. Department of State, which disclosed that a Nigeria-based facilitator was part of an international network accused of moving illicit funds to support the terrorist organisation through currency exchange businesses.
Speaking on the development, State Department spokesperson Tommy Pigot said:
“The network operates across France, Syria, Turkey, and Nigeria, and the financial facilitators were alleged to be using money exchange businesses as a network to move money to and for the benefit of the group.”
Further details released by the U.S. Department of the Treasury identified the Nigerian individual as Muhammad Mukhtar Adamu of Lagos. The Treasury also listed several entities it said were linked to ISIS-West Africa, according to a report by TheCable.
US names BDCs over alleged terrorism financing
Among the Nigerian Bureau de Change companies named by the U.S. Department of the Treasury are Generation Currency Bureau de Change Limited in Lagos, Nine to Nine Exchange Bureau de Change Limited in Lagos, and Manhattan Bureau de Change Limited in Kano, Nigeria.
U.S. authorities stated that the entities were sanctioned “Under counter-terrorism financing measures related to Adanu and are believed to be involved in financial activity associated with ISIS”.
The sanctions also targeted Syrian national Abdelhakim Boukich and France-based Miloud Abderrahmane.
In addition, the United States imposed measures against other entities operating in Syria and Turkey.
According to U.S. officials, the sanctions are intended to weaken financial channels that support ISIS operations, restrict the group’s ability to fund future attacks, and cut off access to the international financial system.
Individuals listed:
1. Muhammad Mukhtar Adamu (also known as Mukhtar Adamu/Muhammad Mukhtar) — Lagos, Nigeria
2. Abdelhakim Boukich —
3. Syria Miloud Abderrahmane — France
Nigerian BDC entities listed:
• Generation Currency Bureau de Change Limited — Lagos, Nigeria
• Nine to Nine Exchange Bureau de Change Limited — Lagos, Nigeria
• Manhattan Bureau de Change Limited — Kano, Nigeria
• Alkaram Danışmanlık Gayrimenkul İç ve Dış Ticaret Limited Şirketi (Al-Karam Money Transfer Company) — Turkey
• Bitcoin Exchange Agent Idlib’s No.1 Coin Exchange — Syria
• Spider Gayrimenkul ve Genel Ticaret Limited Şirketi (Spider Money Transfer Company) — Turkey
