The Central Bank of Nigeria (CBN) has directed all banks and other regulated financial institutions to immediately freeze accounts, assets, and financial transactions linked to six individuals and four Bureau De Change (BDC) operators over alleged involvement in terrorism financing.
The directive, contained in a circular dated June 24, 2026, follows an update to the Nigeria Sanctions List, which took effect on June 18, and recent sanctions issued by the Nigeria Sanctions Committee (NIGSAC) alongside the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC).
Under the order, banks, payment service banks, fintechs, and other financial institutions must identify and freeze, without prior notice, all funds, assets, and economic resources belonging to or controlled by the designated individuals and entities. The directive also extends to companies in which the sanctioned persons hold 50 percent or more ownership, whether directly or indirectly.
The six individuals named include Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, and Yakubu Ogirima Ibrahim.
The four affected BDC operators are Generation Currency Bureau De Change Limited, Manhattan Bureau De Change Limited, Nine to Nine Exchange Bureau De Change Limited, and Abbal Bako & Sons Bureau De Change Limited.
The CBN further instructed financial institutions to ensure that no funds, financial services, or economic resources are made available to the sanctioned individuals or entities.
Banks are also required to file Suspicious Transaction Reports (STRs) with the Nigerian Financial Intelligence Unit (NFIU) and submit compliance reports to the apex bank within 48 hours, including “nil returns” where no matches are found.
The move comes days after U.S. authorities sanctioned a network allegedly linked to financing the Islamic State West Africa Province (ISWAP), as Nigerian regulators intensify efforts to strengthen anti-money laundering and counter-terrorism financing measures.
