The Central Bank of Nigeria (CBN) ordered financial institutions to immediately block accounts, assets, and transactions linked to six individuals and four Bureau De Change (BDC) operators accused of terrorism financing.
According to a circular dated June 24, 2026, the apex bank directed banks, payment service banks, and other regulated financial institutions to implement sanctions issued by the Nigeria Sanctions Committee (NIGSAC) and the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC).
The six individuals listed under the sanctions include Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, and Yakubu Ogirima Ibrahim.
The affected Bureau De Change operators are:
1. Generation Currency Bureau De Change Limited
2. Manhattan Bureau De Change Limited
3. Nine to Nine Exchange Bureau De Change Limited
4. Abbal Bako & Sons Bureau De Change Limited
Under the directive, banks must identify and immediately freeze all funds, assets, and economic resources directly or indirectly owned or controlled by the designated individuals and entities.
The order also covers companies in which the sanctioned persons hold at least 50 percent ownership.
As part of the compliance requirements, financial institutions have been instructed to conduct immediate screening of customers, beneficial owners, and transactions against the updated sanctions list.
As part of the compliance requirements, financial institutions have been instructed to conduct immediate screening of customers, beneficial owners, and transactions against the updated sanctions list.
They must also prevent any financial services or economic resources from being made available to the affected individuals or organizations.
The CBN freezes terror financing accounts directive follows recent sanctions imposed by U.S. authorities on Lagos-based BDC operator Mukhtar Muhammad and several firms allegedly linked to him.
The CBN freezes terror financing accounts directive follows recent sanctions imposed by U.S. authorities on Lagos-based BDC operator Mukhtar Muhammad and several firms allegedly linked to him.
OFAC accused the operator of facilitating financial transactions on behalf of the Islamic State West Africa Province (ISWAP).
Banks are expected to submit Suspicious Transaction Reports (STRs) to the Nigerian Financial Intelligence Unit (NFIU) whenever a match is identified.
Banks are expected to submit Suspicious Transaction Reports (STRs) to the Nigerian Financial Intelligence Unit (NFIU) whenever a match is identified.
They must also provide compliance reports to the CBN within 48 hours, detailing accounts frozen, amounts involved, and actions taken.
The central bank further instructed institutions to strengthen monitoring systems, conduct retrospective reviews of past transactions involving the listed individuals and entities, and submit nil returns where no matches are found.
The latest move highlights the regulator’s commitment to strengthening anti-money laundering measures and combating terrorism financing within Nigeria’s financial system.
The central bank further instructed institutions to strengthen monitoring systems, conduct retrospective reviews of past transactions involving the listed individuals and entities, and submit nil returns where no matches are found.
The latest move highlights the regulator’s commitment to strengthening anti-money laundering measures and combating terrorism financing within Nigeria’s financial system.
Analysts believe the action also reflects continued efforts to tighten oversight of Bureau De Change operators while reinforcing a bank-led foreign exchange framework.
With the CBN freezes terror financing accounts directive now in effect, financial institutions are expected to ensure strict compliance or risk regulatory sanctions under the Banks and Other Financial Institutions Act (BOFIA) 2020.
With the CBN freezes terror financing accounts directive now in effect, financial institutions are expected to ensure strict compliance or risk regulatory sanctions under the Banks and Other Financial Institutions Act (BOFIA) 2020.
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