On Wednesday, the Nigerian Sanctions Committee, released a broader list of six persons and three entities similarly sanctioned in Nigeria for terrorism financing activities.

The list includes Mr Adamu and two companies – Nine to Nine BDC and Generation BDC Limited – named in the US sanctions on Monday.

Mrs Jedy-Agba, who doubles as the Solicitor-General of the Federation and Permanent Secretary, Federal Minister of Justice, said the US sanctions followed “the inclusion of Adamu and his companies as part of a broader update to the Nigeria Sanctions List approved and published on 18th June 2026.”

She welcomed the inclusion of Mr Adamu and the two firms in the US designations.

The fresh list of designations by the Nigerian government, including Mr Adamu and the two firms linked to him, is as follows:

1. Ibrahim Yakubu Ogirima (NLISWi.19)

2. Muktar Muhammad Adamu (NLISWi.20)

3. Adamu Chiroma (NLISWi.21)

4. Ibrahim Abubakar (NLISWi.22)

5. Abdullahi Umar Usman (NLISWi.23)

6. Babangida Muhammed Adamu Hammajam (NLISWi.24)

7. Abbal Bako & Sons Bureau De Change Limited (NLISWe.25)

8. Generation Currency BDC Limited (NLISWe.26)

9. Nine to Nine BDC Limited (NLISWe.27)

Mrs Jedy-Agba asked banks and designated non-financial businesses and professions, including lawyers, accountants and others, in Nigeria to immediately give effect to the designation of the six persons and three entities by freezing their assets and reporting them, any matches and their transactions to the appropriate authorities.

“The Federal Government reiterates its directive to all financial institutions and designated non-financial businesses and professions to continue to comply with all sanctions’ obligations, including asset-freezing requirements, the filing of Suspicious Transaction Reports and the reporting of all relevant matches to the appropriate authorities,” the statement said.

The US sanctions also mean that all property and interests in property belonging to the designated individuals and entities that are within the United States or under the control of US persons are blocked. Also, US citizens and businesses are also generally prohibited from conducting transactions with them unless authorised by OFAC.

OFAC further warned that foreign financial institutions and other persons that knowingly facilitate significant transactions or provide material support to the sanctioned individuals or entities could themselves face US sanctions.

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) had said in a statement on Monday that Mr Muhammad, also known as “Mukhtar Adamu Muhammad”, of facilitating financial transactions and money transfers on behalf of ISIS-West Africa, popularly known as Islamic State West Africa Province (ISWAP).

Sanctioned by OFAC along with Mr Muhammad are Nine To Nine Exchange Bureau De Change Limited, Generation Currency Bureau De Change Limited, and Manhattan Bureau De Change Limited, which OFAC alleged are owned, controlled or directed by Mr Muhammad and were used to move funds for the terrorist organisation.

PREMIUM TIMES reported that ISWAP, a second breakaway faction of Boko Haram, has been responsible for years of deadly attacks across Nigeria’s North-east and the Lake Chad region.

He explained that immediate price cuts could lead to losses for marketers still holding expensive inventory.

Ukadike said: “This announcement is enabling people who have old stocks to clear out their stocks, not only clearing out their stocks but also enabling them to prepare to take the fresh stocks.”

“Once the Dangote refinery announces a new price, there is a serious pause in loading. It will enable people who just bought new products to see how they can clear the old stocks within a window of a day or two.” He said once new products enter circulation, pricing adjustments will naturally follow.

Ukadike identified the cost of funds as another key factor affecting petrol pump prices, noting that financing expenses influence how quickly marketers adjust prices.

“Fewer dollars spent on fuel means less pressure on the Naira. Energy security and currency stability are not separate goals. They are the same goal,” she said.

On crude oil and condensate production, the Special Adviser said the country had restored investors’ confidence. According to her, crude oil and condensate production averaged 1.64 million barrels per day in 2025. She said the production was up by roughly 400,000 barrels a day since 2023, and the highest onshore level in two decades.

Verheijen also disclosed that over
four billion dollars in international oil company divestments had been concluded.

She said the divestment had helped to deepen indigenous participation in onshore, while the majors re-focused on deep-water and integrated gas.

“Every additional barrel matters — for revenue, for jobs, and for the strength of the federation,” she said

Reflecting on what the administration met on the ground in 2023, Verheijen said that the sector was under severe strain. She recalled that subsidies had become fiscally unsustainable while foreign-exchange distortions had weakened investment. “Production was below potential; Power-sector debt was strangling the gas-to-power chain. “The country had resources, but the system was not converting them into national value.

“So our first task was to stop the bleeding and rebuild the foundations,” she said.

In addressing the challenges, Verheijen recalled that President Tinubu’s administration restored fiscal credibility by removing the fuel subsidy and reforming the exchange rate.

According to her, the decisions were hard, but necessary.

“The results are visible. Total federation revenue rose to about N21 trillion in 2024, up from roughly N12 trillion in 2023 – nearly doubling in a single year,” she said.

She noted that, despite the deregulation, the government has prevented the chronic nationwide petrol queues that once defined scarcity.

NAN