Central Bank of Nigeria headquarters in Abuja as the apex bank orders financial institutions to freeze accounts linked to terrorism financing.
The Central Bank of Nigeria (CBN) has directed banks, payment service banks and other regulated financial institutions to immediately freeze the accounts and assets of six individuals and four Bureau de Change operators over alleged links to terrorism financing.
The directive, which takes immediate effect, forms part of renewed efforts to strengthen Nigeria’s anti-money laundering framework and disrupt financial networks linked to terrorism and other illicit activities.
In a circular issued by the CBN’s Compliance Department and signed by Olubunmi Ayodele-Oni, the apex bank instructed financial institutions to enforce fresh sanctions issued by the Nigeria Sanctions Committee and the United States Treasury’s Office of Foreign Assets Control under Executive Order 13224.
The CBN said the latest sanctions followed the update of Nigeria’s sanctions list on June 18, 2026.
The designated individuals are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma and Yakubu Ogirima Ibrahim.
The sanctions also cover four Bureau de Change operators allegedly linked to the affected individuals. They include Generation Currency Bureau de Change Limited, Manhattan Bureau de Change Limited, Nine to Nine Exchange Bureau de Change and Abbal Bako and Sons Bureau de Change Limited.
The apex bank directed financial institutions to screen existing customers, beneficial owners and all incoming and outgoing transactions against the updated sanctions lists.
It ordered institutions to immediately freeze all funds, assets and economic resources owned or controlled by the designated persons and entities, including businesses in which they hold at least a 50 per cent ownership interest, without prior notice.
The CBN further prohibited banks and other regulated institutions from providing financial services, funds or economic resources directly or indirectly to the affected individuals and organisations.
As part of the compliance measures, financial institutions must file Suspicious Transaction Reports with the Nigerian Financial Intelligence Unit for all confirmed or attempted matches.
The regulator also directed institutions to submit detailed compliance reports to the CBN within 48 hours, stating affected accounts, amounts frozen and actions taken. Institutions with no confirmed matches must submit nil returns.
In addition, banks are required to review past transactions involving the designated individuals or entities and strengthen monitoring systems to detect terrorism financing risks, including structured transactions, informal transfer channels and dealings involving high-risk jurisdictions.
The CBN warned that false or misleading compliance reports would amount to regulatory violations punishable under the Banks and Other Financial Institutions Act (BOFIA) 2020.
The directive underscores ongoing efforts by regulators to strengthen financial sector oversight, improve compliance with international anti-terrorism financing standards and prevent the misuse of Nigeria’s financial system for illicit activities.
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