The Central Bank of Nigeria (CBN) has directed 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 designated over alleged terrorism financing.
The directive was contained in a circular dated 24 June 2026 (Ref: CMD/FCS/PUB/CIR/002/011), in which the apex bank instructed regulated institutions to enforce updated sanctions without delay.
According to the circular, the latest update to the Nigeria Sanctions List, which took effect on 18 June 2026, is binding on all financial institutions operating in the country. The CBN stated that compliance is mandatory and must be implemented immediately across the banking and financial services sector.
The bank further directed institutions to “identify and immediately freeze, without prior notice, all funds, assets, and other economic resources belonging to, owned, held, or controlled, directly or indirectly, by the designated persons and entities.”
The action follows recent sanctions announced by the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC), which named a Nigerian national and three BDC firms over alleged involvement in financing the Islamic State West Africa Province (ISWAP), a designated terrorist organisation.
Subsequently, the Nigerian government released its own updated list of sanctioned individuals and entities, naming six persons and several firms accused of facilitating illicit financial flows linked to terrorism financing activities.
The individuals listed include Ibrahim Yakubu Ogirima, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman, Babangida Muhammed, and Adamu Hammajam. The affected firms are Abbal Bako & Sons Bureau De Change Limited, Generation Currency BDC Limited, and Nine to Nine BDC Limited.
The announcement has sparked reactions within the foreign exchange market. The President of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadebe, cautioned against generalising the sanctions across the sector, stressing that the majority of licensed operators remain compliant with regulatory standards.
He noted that while enforcement of anti-money laundering and counter-terrorism financing rules is necessary, legitimate operators should not be unfairly stigmatised due to the actions of a few individuals.
The development underscores Nigeria’s tightening regulatory stance on financial crimes and its ongoing collaboration with international partners to curb terrorism financing and strengthen oversight within the foreign exchange ecosystem.
