The United States government has imposed sweeping sanctions on several individuals and businesses accused of facilitating financial transactions for the Islamic State of Iraq and Syria (ISIS), including three Lagos-based bureaux de change allegedly linked to the terrorist group’s West African operations.
The sanctions, announced on June 22, 2026, by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), are part of an intensified effort to disrupt ISIS funding networks operating across Africa, the Middle East, Europe, and Asia.
American authorities said the designated individuals and entities played critical roles in moving funds, laundering money, and supporting ISIS affiliates involved in terrorism-related activities.
US Treasury: ISIS Still Seeking New Ways to Fund Terror
Announcing the sanctions, U.S. Secretary of the Treasury Scott Bessent warned that despite military setbacks suffered by ISIS in recent years, the group continues to evolve its financing methods.
“ISIS continues to seek new methods and tools to finance terrorist attacks,” Bessent said.
“The United States will leverage every tool at its disposal to crush ISIS’s remaining capabilities and protect American lives.”
The Treasury Department noted that ISIS increasingly relies on a decentralized network of financial facilitators operating through money exchange businesses, cryptocurrency platforms, informal transfer systems, and front companies.
Lagos-Based Bureaux de Change Named
Among those sanctioned is Mukhtar Adamu Muhammad, whom U.S. authorities identified as an alleged financier for ISIS in West Africa (ISIS-WA).
According to OFAC, Muhammad allegedly coordinated financial transfers on behalf of the terrorist group and used multiple businesses to facilitate transactions.
The U.S. specifically named three Lagos-based bureaux de change allegedly connected to him:
- Nine Exchange
- Manhattan Bureau de Change
- Generation Currency
American authorities accused the businesses of operating directly or indirectly on behalf of Muhammad to support ISIS-linked activities in West Africa.
The sanctions effectively freeze any assets these entities may have under U.S. jurisdiction and prohibit American citizens and companies from conducting business with them.
International Network Uncovered
The sanctions extend beyond Nigeria and include individuals and businesses operating in Syria, Turkey, and Europe.
Among those listed are:
Abdelhakim Boukich
A Syria-based financial facilitator accused of controlling Bitcoin Xchange, a money services business allegedly used to transfer funds for ISIS associates operating in multiple countries.
According to U.S. investigators, cryptocurrency and digital payment systems have increasingly become attractive tools for extremist organizations seeking to evade traditional banking oversight.
Miloud Abderrahmane
A French national accused of conducting financial transactions for ISIS affiliates and sharing information related to explosives and terrorist operations.
Mohamad Alhmidan
Previously sanctioned by the United States in 2016, Alhmidan allegedly owns two Turkey-based firms:
- Spider Gayrimenkul Ve Genel Ticaret Limited Sirketi
- Alkaram Danismanlik Gayrimenkul Ic Ve Dis Genel Ticaret Limited Sirketi
Both companies were again identified as part of an alleged network used to facilitate ISIS financing.
What the Sanctions Mean
The sanctions were imposed under Executive Order 13224, a key U.S. counterterrorism authority that allows the government to block assets and restrict transactions involving individuals and organizations connected to terrorism.
Under the measures:
- All assets belonging to sanctioned individuals or entities within U.S. jurisdiction are frozen.
- U.S. citizens and companies are prohibited from conducting transactions with them.
- Foreign financial institutions that knowingly facilitate significant transactions for sanctioned persons risk facing secondary sanctions.
- Violators may be subject to civil and criminal penalties.
The Treasury Department said the objective is not merely punitive but aimed at dismantling financial networks that sustain terrorist activities.
ISIS Financing Remains Global Concern
Security analysts have long warned that terrorist groups increasingly depend on sophisticated financial networks rather than traditional funding channels.
By targeting financiers and facilitators, governments hope to weaken terrorist organizations without direct military confrontation.
According to OFAC, ISIS’s General Directorate of Provinces continues to coordinate and distribute funds to affiliated groups operating across Africa, including factions active in the Lake Chad Basin and parts of Nigeria.
The latest sanctions underscore growing international concern over terrorist financing in West Africa, where extremist groups continue to exploit weak financial controls, porous borders, and informal money-transfer systems.
Can Sanctioned Entities Be Removed?
The U.S. Treasury noted that sanctioned individuals and businesses may petition for removal from the sanctions list if they can demonstrate compliance with legal requirements and prove they are no longer involved in prohibited activities.
However, until such determinations are made, all restrictions remain in force.
Key Quote
U.S. Treasury Secretary Scott Bessent:
“ISIS continues to seek new methods and tools to finance terrorist attacks. The United States will leverage every tool at its disposal to crush ISIS’s remaining capabilities and protect American lives.”
Sources
- U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC)
- Statement by Treasury Secretary Scott Bessent
- Executive Order 13224 sanctions records
- U.S. counterterrorism financing reports
Disclaimer
The sanctions represent allegations and findings by U.S. authorities. The designated individuals and entities have not publicly responded to the allegations at the time of publication.
