The Central Bank of Nigeria (CBN) has instructed banks, payment service banks, and other financial institutions to immediately freeze all accounts, assets, and transactions linked to six individuals and four Bureau De Change (BDC) operators flagged for alleged terrorism financing.
According to the CBN, the action was taken under directives from the Nigeria Sanctions Committee (NIGSAC) and the Office of Foreign Assets Control (OFAC), in line with Executive Order 13224, as amended.
The directive was issued in a circular dated June 24, 2026 (Ref: CMD/FCS/PUB/CIR/002/011), following an update to the Nigeria Sanctions List that became effective on June 18, 2026.
The six individuals added to the Specially Designated Nationals (SDN) and Blocked Persons List are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, and Yakubu Ogirima Ibrahim.
The four affected Bureau De Change operators, alleged to be owned or controlled by these individuals, 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 directed all regulated financial institutions to identify and immediately freeze—without prior notice—all funds, assets, and economic resources directly or indirectly owned, controlled, or held by the listed individuals and entities.
The restrictions also extend to any entity in which the sanctioned persons hold at least a 50% ownership stake, individually or collectively.
Financial institutions are further prohibited from making any funds, services, or economic resources available to the affected persons or businesses, whether directly or indirectly.
As part of compliance requirements, institutions must screen existing customers, beneficial owners, and all incoming and outgoing transactions against updated sanctions lists, including known aliases.
They are also required to freeze relevant assets, block transactions, file Suspicious Transaction Reports (STRs) with the Nigerian Financial Intelligence Unit (NFIU), and enhance monitoring for indicators of terrorism financing.
The regulator instructed affected institutions to submit compliance reports within 48 hours, detailing frozen accounts, amounts involved, match confirmations, and actions taken. Institutions without any matches must still file nil reports.
The CBN also ordered a backward review of previous transactions linked to the designated individuals and entities.
It warned that providing false or misleading compliance information would constitute a violation under the Banks and Other Financial Institutions Act (BOFIA) 2020 and could result in regulatory sanctions.
The directive takes immediate effect, and compliance will be enforced through off-site monitoring, on-site inspections, and supervisory reviews.