US Exposes ISIS Funding Network Linking Nigeria to Syria, Sanctions Lagos BDCs

U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC)

US Exposes ISIS Funding Network Linking Nigeria to Syria, Sanctions Lagos BDCs

The United States government has designated a Lagos-based businessman and three Nigerian currency exchange companies as Specially Designated Global Terrorists (SDGTs) , naming them as part of an ISIS financial network operating across West Africa, Europe, and the Middle East. The action represents the Trump administration’s latest offensive against global terrorism financing and targets a web of facilitators spanning from France and Syria to Türkiye and Nigeria. The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned three individuals and six entities for facilitating financial transactions on behalf of the Islamic State of Iraq and Syria (ISIS) . The designations, announced on Monday, aim to cut off funds that enable ISIS to execute attacks, support its regional affiliates, and threaten civilians, including religious minorities.

The Nigerian national, Mukhtar Adamu Muhammad, is described by the Treasury as an ISIS in West Africa (ISIS-WA) financial facilitator who conducted money transfers on behalf of the terrorist group. According to OFAC documents, Muhammad resides at No. 45, Abimbola Street, off Capital Road, by Morcas, Agege, Lagos State. He was born on August 2, 1990, with an alternative date of birth of August 3, 1990. Muhammad is being designated under Executive Order 13224 for “having materially assisted, sponsored, or provided financial, material, or technological support for, or goods and services to or in support of, ISIS-WA.” Three Nigeria-based money service businesses (MSBs) owned, controlled, or directed by Muhammad were also designated: Nine to Nine Exchange Bureau De Change Limited — located at Block 7, FAAN Complex, Airport Road, Ikeja, Lagos, established on August 22, 2017, with Registration Number RC 1462752; Manhattan Bureau De Change Limited — located at No. 59 Murtala Mohammed Way, Wapa, Kano, established on January 26, 2021, with Registration Number RC 1763824; and Generation Currency Bureau De Change Limited — located in Lagos, established on January 9, 2019, with Registration Number RC 1555604.

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The sanctions also target Abdelhakim Boukich (also known as Babili Muhammad and Abu Sulayman Alholandi), a former Dutch national now based in Syria. Boukich controls and directs Bitcoin Xchange, a Syria-based money service business established in late 2020. According to the Treasury Department, Boukich and Bitcoin Xchange have transferred money on behalf of ISIS associates from multiple countries, including Norway, Belgium, the Netherlands, South Africa, and the United States. Blockchain analytics firm TRM Labs has been tracking Bitcoin Xchange since early 2022 and notes that addresses attributed to the exchange have processed approximately USD 10 million in total volume across hundreds of transactions linked to ISIS fundraising campaigns. The designation highlights the increasing use of cryptocurrency in terrorist financing. Analysts note that Syria-based crypto exchangers and hawala operators serve as a “pooling and conversion layer” for ISIS donation campaigns, converting donated crypto to cash for a fee of 2 to 5 percent. OFAC additionally identified two TRON blockchain addresses linked to the network, marking one of the rare sanction actions that specify individual wallet identifiers rather than merely targeting exchanges or custodians.

The sanctions extend to a Türkiye-based hawala network operated by Mohamad Alhmidan, an individual previously sanctioned by OFAC in March 2016 for facilitating logistical and financial support for ISIS and helping foreign terrorist fighters. Alhmidan owns and controls Spider Gayrimenkul Ve Genel Ticaret Limited Sirketi, a Türkiye-based MSB that originated as a hawala operating in Syria. It was used to transfer money from parts of Syria under ISIS control to other regions not controlled by the group. Alkaram Danismanlik Gayrimenkul Ic Ve Dis Genel Ticaret Limited Sirketi, another Türkiye-based MSB, operates on behalf of Spider.

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The third individual sanctioned is Miloud Abderrahmane (also known as Ghazi Ibrahim), a French national based in France. Abderrahmane has conducted transactions with known ISIS affiliates, including some based in Syria, and has provided instructional and manufacturing information on explosives to ISIS supporters. OFAC also identified two TRON wallet addresses linked to him.

The U.S. State Department reaffirmed its strong security partnership with Nigeria in the fight against terrorism, noting that both countries jointly carried out the May 16, 2026, operation that killed Abu-Bilal al-Minuki, the number two official in ISIS and head of its General Directorate of Provinces, which provides operational guidance and funding to ISIS regional offices. “As demonstrated by the May 16, 2026 killing of al-Minuki, the United States and Nigeria stand together in relentlessly pursuing and eliminating ISIS,” the Treasury Department said. “We will continue to use every diplomatic and legal tool available to hold ISIS and its supporters accountable—wherever they operate and however they move money.” The action reflects sustained counterterrorism pressure that has forced ISIS to become “much more decentralised and reliant on more autonomous cells and affiliates throughout the world,” as outlined in Treasury’s 2026 National Terrorist Financing Risk Assessment.

As a result of today’s action, all property and interests in property of the designated persons that are in the United States or under the control of U.S. persons are blocked and must be reported to OFAC. U.S. persons are generally prohibited from engaging in transactions involving blocked persons. In addition, foreign financial institutions that knowingly facilitate significant transactions for sanctioned individuals or entities may face secondary sanctions, including restrictions on access to correspondent or payable-through accounts in the United States.