Terrorism Financing: CBN orders banks to freeze assets of 6 individuals, 4 BDCs
Yemi Cardoso CBN Governor
The Central Bank of Nigeria (CBN), on Thursday, directed banks and all financial institutions to freeze transactions, accounts, and assets linked to six individuals and four Bureau De Change (BDC) operators designated for terrorism financing.
The directive was contained in a circular dated June 24, 2026 (Ref: CMD/FCS/PUB/CIR/002/011).
According to the apex bank, the latest update to the Nigeria Sanctions List, effective June 18, 2026, is binding on all regulated institutions and requires immediate implementation.
The CBN informed regulated entities of fresh sanctions issued by the Nigeria Sanctions Committee (NIGSAC) and the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) under Executive Order 13224, as amended, the circular stated.
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 Nigeria-based money service businesses and BDCs designated as owned or controlled by the listed 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 circular instructed financial institutions to identify and immediately freeze, without prior notice, all funds, assets and economic resources belonging to, owned, held or controlled directly or indirectly by the designated individuals and entities.
It further directed that assets owned 50 per cent or more, individually or collectively, by any of the designated persons must also be frozen.
The apex bank ordered banks and other financial institutions to screen all incoming and outgoing transactions against the updated sanctions lists, including known aliases and identifiers.
It stressed that no funds, financial services or economic resources should be made available, directly or indirectly, to any of the designated persons or entities.
The CBN also directed financial institutions to immediately file Suspicious Transaction Reports (STRs) with the Nigerian Financial Intelligence Unit (NFIU) for any confirmed or attempted matches and submit corresponding reports to the apex bank.
In addition, banks were instructed to provide the CBN with details of affected accounts, amounts frozen or restricted, and actions taken within 48 hours of receiving the circular.
The regulator further urged financial institutions to strengthen monitoring mechanisms for terrorism financing risks, including structured transactions, rapid movement of funds, the use of money service businesses and bureaux de change, as well as transactions involving high-risk jurisdictions.
The CBN warned that all reports submitted in compliance with the directive must be accurate, complete and verifiable.
It added that any false or misleading information would constitute a regulatory violation and attract sanctions under BOFIA 2020 and other applicable laws.
The apex bank said it would conduct off-site reviews, on-site examinations and supervisory engagements to verify compliance with the directive.
