The Federal Government has publicly designated fifteen individuals and business entities as financiers of terrorism, in what officials describe as one of the country’s most far-reaching crackdowns on the financial lifelines of extremist organisations.
The decision, announced through the Nigeria Sanctions Committee (NSC) following intelligence supplied by the Nigerian Financial Intelligence Unit (NFIU), places nine individuals and six business firms/Bureau-De-Change operators on the official terror-financing blacklist. The action invokes the full powers of the Terrorism (Prevention and Prohibition) Act, 2022, compelling all financial institutions to immediately freeze the assets, funds and economic resources belonging to the designated persons or entities.
According to the NFIU advisory, the individuals and companies named are linked to the financing, logistics, ransom facilitation, recruitment support and operational assistance for extremist groups including Boko Haram, Islamic State of West Africa Province (ISWAP), and Ansarul Muslimina Fi Biladissudam — an affiliate of Al-Qaeda in the Islamic Maghreb.
Among those listed is Kaduna-based publisher Tukur Mamu, accused of receiving and delivering substantial ransom payments totalling over US$200,000 to ISWAP operatives during the 2022 Abuja–Kaduna train attack hostage negotiations. Intelligence reports allege that the funds facilitated the release of abducted passengers while strengthening the financial base of the terrorist group.
Other individuals named include: Yusuf Ghazali, Muhammad Sani, Abubakar Muhammad, Sallamudeen Hassan, Adamu Ishak, Hassana-Oyiza Isah, Abdulkareem Musa, and Umar Abdullahi — all reportedly linked to terror logistics, fund movement, or operational collaboration with known extremist cells across Nigeria’s northern region.
The six implicated business entities – including: West & East Africa General Trading Company Ltd., Settings Bureau-De-Change Ltd, G. Side General Enterprises, Desert Exchange Ventures Ltd., Eagle Square General Trading Company Limited and Alfa Exchange BDC — are alleged to have served as conduits for laundering or routing illicit funds for terror networks, often disguised as legitimate commercial transactions.
Officials said the newly released list is a decisive step towards disrupting the financial ecosystem that sustains terrorism. By freezing assets and banning any financial dealings with the named persons, the government aims to suffocate the monetary channels used for arms procurement, recruitment, training, intelligence-gathering and high-profile ransom operations.
Security analysts note that the move marks a shift in Nigeria’s counter-terrorism strategy, which has for years focused primarily on combat operations rather than the financial architecture of terror groups. For the first time, the Government is making public the identities of alleged financiers, signalling increased transparency and accountability in the fight against extremism.
Financial institutions have been warned that failure to comply with the sanctions regime – including freezing assets, blocking accounts, and reporting suspicious activity – will attract severe penalties under federal law.
The sanctions list is expected to trigger immediate operational reviews within Nigeria’s banking sector, Bureau-De-Change operators, and international financial partners. Observers say the next critical step will be monitoring the enforcement process and the government’s ability to secure convictions where evidence permits.
The Federal Government maintains that the designations are part of a sustained, long-term counter-terrorism strategy aimed at dismantling both the violent and financial structures of extremist organisations.
