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The Central Bank of Nigeria (CBN) has ordered all banks, payment service banks, and other regulated financial institutions to immediately freeze accounts, assets, and transactions connected to six individuals and four Bureau De Change (BDC) operators flagged for terrorism financing.
The instruction was issued in a circular dated June 24, 2026, with reference CMD/FCS/PUB/CIR/002/011. It follows an update to the Nigeria Sanctions List that became effective June 18, 2026.
According to the CBN, the sanctions were imposed by the Nigeria Sanctions Committee (NIGSAC) alongside the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), under Executive Order 13224 as amended.
Individuals added to the Specially Designated Nationals (SDN) and Blocked Persons List:
· Muktar Muhammad Adamu
· Babangida Muhammed Adamu Hammajam
· Abdullahi Umar Usman
· Ibrahim Abubakar
· Adamu Chiroma
· Yakubu Ogirima Ibrahim
BDC operators designated as owned or controlled by the listed individuals:
· Generation Currency Bureau De Change Limited
· Manhattan Bureau De Change Limited
· Nine to Nine Exchange Bureau De Change Limited
· Abbal Bako & Sons Bureau De Change Limited
The apex bank directed regulated institutions to identify and freeze, without prior notice, all funds, assets, and economic resources directly or indirectly owned, held, or controlled by the designated persons and entities. The freeze also covers any company or entity that is at least 50% owned, individually or collectively, by the sanctioned persons.
Financial institutions must ensure no funds, financial services, or economic resources are made available, directly or indirectly, to the affected individuals or entities.
This directive comes after the U.S. government recently sanctioned Mukhtar Muhammad, a Lagos-based BDC operator, and three affiliated firms. OFAC stated that Muhammad, also known as Mukhtar Adamu Muhammad, facilitated financial transactions and money transfers for the Islamic State West Africa Province (ISWAP), a regional affiliate of the Islamic State. OFAC also sanctioned Nine To Nine Exchange, Generation Currency BDC, and Manhattan BDC, alleging they were used to move funds for the terrorist group.
Compliance requirements from the CBN include:
· Screen existing customers, beneficial owners, and all incoming/outgoing transactions against updated sanctions lists, including known aliases
· Freeze assets linked to designated persons and block related transactions
· File Suspicious Transaction Reports (STRs) with the Nigerian Financial Intelligence Unit (NFIU)
· Enhance monitoring for terrorism-financing indicators
Affected institutions must submit compliance reports within 48 hours, detailing accounts, amounts frozen, match status, and actions taken. Institutions with no matches are required to file nil returns.
The CBN also mandated retrospective reviews of past transactions involving the designated individuals and entities. It cautioned that providing false or misleading information would violate the Banks and Other Financial Institutions Act (BOFIA) 2020 and could lead to penalties.
The directive is effective immediately.
CBN Orders Immediate Freeze on Accounts of 6 Individuals, 4 BDCs Over Terrorism Financing Links By Clem Aguiyi
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