Business

Full List: FG Finally Names Identities of 9 Persons Allegedly Financing Terrorism

Published

2 months ago

June 25, 2026

The Nigerian government has released a list of six persons and three entities sanctioned for terrorism financing.

In a statement on Tuesday, Secretary of the Nigerian Sanctions Committee, Beatrice Jedy-Agba, said the list was approved and published on 18 June.

This comes a day after the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced the sanctions on Mukhtar Adamu, and three bureau de change companies over their alleged involvement in financing the terrorist group Islamic State West Africa Province (ISWAP).

OFAC, in its announcement on Tuesday, accused Mr Adamu, a Lagos-based bureau de change operator, of facilitating financial transactions and money transfers on behalf of ISWAP.

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.

Business

Breaking: CBN Crashes Dollar, Announces New Rates

Published

6 days ago

August 18, 2026

The Daily Voice

The Central Bank of Nigeria (CBN) has announced a new exchange rate for the dollar, with the naira closing at N1,357 per dollar despite high demand for the greenback.

According to data from the CBN, the naira closed flat at N1,357 to a dollar, indicating no change from the previous trading session.

The current rate comes as Nigeria’s external reserves hit $52 billion, a 17-year high. Experts have said the current naira stability has trickled down to other sectors, with imports now getting cheaper.

The CBN sharply ramped up its foreign exchange interventions in March 2026, selling $953.41m to the market in what the data shows is the strongest central bank FX activity since April 2025.

Figures published in the CBN’s latest Quarterly Statistical Bulletin showed that spot market transactions made up the bulk of the March sales, with $950.10m channelled through that route and a further $3.31m directed to Ministries, Departments and Agencies.

The March figure represents a dramatic swing from the opening months of 2026. The CBN sold just $58.93m in January and $244.13m in February, meaning March’s intervention was more than 16 times the January level and roughly 291 per cent above February’s sales.

The last time interventions reached a comparable scale was April 2025, when the CBN supplied $1.65bn to the market. Sales cooled significantly after that peak, falling to $838.93m in May, $676.31m in June, and then sliding further to $399.80m in September and $150.10m in October before picking up again towards the close of 2025.

Business

No More N14,000/Bag: Dangote Cement Breaks Silence on New Prices Nationwide

Published

7 days ago

August 18, 2026

The Daily Voice

The chairman of Dangote Cement Plc, Emmanuel Ikazoboh, has explained why cement prices remain high across Nigeria, attributing the persistent increases to rising energy costs and the impact of foreign exchange on production expenses.

His comments come amid growing concerns from Nigerians over the soaring cost of building materials, with many calling on the government to intervene as cement prices continue to put pressure on construction projects and housing development.

Speaking during the 17th Annual General Meeting (AGM) of Dangote Cement Plc in Lagos, Ikazoboh said energy remains the biggest cost component in cement manufacturing, accounting for about 60 per cent of total production expenses.

Energy, dollar exchange rate driving costs According to Ikazoboh, cement manufacturers rely heavily on gas, coal, and diesel to power their operations. He noted that gas, one of the key energy sources, is sold in United States dollars, exposing manufacturers to exchange rate fluctuations. He explained that the continued depreciation of the naira against the US dollar has significantly increased production costs, making it difficult for manufacturers to maintain lower prices.

According to Ikazoboh, cement manufacturers rely heavily on gas, coal, and diesel to power their operations. He noted that gas, one of the key energy sources, is sold in United States dollars, exposing manufacturers to exchange rate fluctuations.

He explained that the continued depreciation of the naira against the US dollar has significantly increased production costs, making it difficult for manufacturers to maintain lower prices. “To produce a bag of cement, we need energy, which constitutes about 60 per cent of the production cost. To generate that energy, we use gas, coal or diesel,” he said.

“Gas is sold to us in US dollars, and its price continues to increase. We all know the impact of the exchange rate between the dollar and the naira. As a result, the cost of generating energy keeps rising.”

His remarks offer one of the clearest explanations yet from the country’s largest cement producer on the factors behind recent price increases.

Business

Dr. Deji Adeleke: How Davido’s Billionaire Father Built His Business Empire; Major Companies Linked to Him

Published

1 week ago

August 17, 2026

The Daily Voice

Dr. Deji Adeleke, the father of the globally recognized musician Davido, is not just known for his familial ties to the entertainment industry but also his immense wealth and substantial impact on Nigeria’s economic landscape. Born on March 6, 1957, in Enugu, Nigeria, Adedeji Adeleke has built a formidable empire through his business acumen and educational investments.

Adeleke’s Business Ventures
Dr. Adeleke founded Pacific Holdings Limited in 1983, which has grown into a major conglomerate in Nigeria, encompassing various sectors such as agriculture, energy, and real estate.

This company is a cornerstone of his financial success, with divisions like Pacific Farm Limited, Pacific Freightliners Limited, and Pacific Gas Company Limited contributing significantly to his wealth.

Adeleke’s Real Estate Investments
Adeleke’s real estate portfolio is vast and diversified. He owns properties across Nigeria, including high-value areas like Ikoyi, Lekki, Banana Island, and Victoria Island in Lagos. Additionally, he has invested in international properties, including a mansion in Atlanta, USA, which he acquired to celebrate his 60th birthday.

Adeleke’s University and Philanthropy
In line with his passion for education, Adeleke founded Adeleke University in Ede, Osun State, under the auspices of the Springtime Development Foundation, which he established in 1996. The university operates on the Seventh-day Adventist philosophy of education and offers various undergraduate and postgraduate programs.

His philanthropic efforts extend beyond education, impacting healthcare and community development. These initiatives not only enhance his public image but also contribute to long-term societal benefits, reinforcing his legacy as a socially responsible entrepreneur.

Adeleke’s Luxurious Lifestyle
Dr. Adeleke’s lifestyle reflects his financial success. He owns luxury cars such as a Rolls Royce Phantom and a 2017 Bentley Mulsanne, and he flies in style with his Bombardier Global Express 6000 private jet, valued at $62 million.

Adeleke’s Net Worth
Estimations of Adeleke’s net worth vary, with some sources placing it around $700 million, while others suggest it could be as high as $2 billion. His wealth is attributed to his diversified investments in real estate, stocks, and bonds, alongside the thriving operations of Pacific Holdings Limited.

Adeleke’s Family and Personal Life
Adeleke is a father to four children: Adewale, David (Davido), Sharon, and Coco Adeleke. Despite initial resistance to Davido’s music career, he eventually supported his son’s passion, even funding the establishment of a music department at Babcock University for him. Today, Davido is not only a successful musician but also a director in the family business.

Conclusion
Dr. Deji Adeleke’s story is one of remarkable success through strategic education, entrepreneurship, and philanthropy. His wealth and business acumen have positioned him as one of Nigeria’s most influential figures, contributing significantly to the nation’s economic and social development. As he continues to invest and expand his empire, his legacy is set to influence future generations both within and outside Nigeria.

Adeleke’s Early Life and Education
Adeleke’s journey began in an affluent family in Lagos. He attended Ansar-ud-Deen Primary School and Seventh-Day Adventist Grammar School before moving to the United States, where he earned a degree in Finance from Western Kentucky University in 1979, followed by an MBA. Furthering his education, he obtained a Ph.D. in International Business from Pacific Columbia University, and another Ph.D. in Business Administration from the University of Phoenix in 2010.

– kashgain