By Abigail David
ABUJA — The Central Bank of Nigeria (CBN) has directed banks, Payment Service Banks and other financial institutions to immediately freeze the accounts and assets of individuals and entities designated for terrorism and terrorism financing.
The directive was contained in a circular dated June 24, 2026, issued by the apex bank’s Compliance Department to all institutions regulated under the Banks and Other Financial Institutions Act (BOFIA) 2020.
According to the CBN, the action follows updated sanctions issued by the Nigeria Sanctions Committee and the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) under Executive Order 13224, as amended.
The regulator said the updated Nigeria Sanctions List, released on June 18, 2026, contains binding measures that require immediate implementation by all regulated entities.
Six individuals named on the sanctions list are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma and Yakubu Ogirima Ibrahim.
The CBN also identified four Bureau de Change operators allegedly owned or controlled by the designated individuals. They include 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.
As part of the directive, financial institutions were ordered to screen customers, beneficial owners and all transactions against the updated sanctions list and immediately freeze, without prior notice, all funds, assets and economic resources linked directly or indirectly to the designated persons and entities.
The apex bank further instructed institutions to prevent the provision of funds, financial services or economic resources to the sanctioned individuals and organisations.
Banks were also directed to file Suspicious Transaction Reports with the Nigerian Financial Intelligence Unit (NFIU) for any confirmed or attempted matches and submit compliance reports to the CBN within 48 hours, detailing actions taken and any assets frozen. Institutions with no matching accounts were required to file nil returns.
In addition, the CBN urged financial institutions to strengthen monitoring systems for terrorism-financing indicators, including unusual fund movements, the use of money service businesses, bureaux de change and transactions involving high-risk jurisdictions.
The regulator warned that false or misleading compliance reports would attract sanctions under BOFIA 2020 and other applicable laws, adding that it would conduct supervisory reviews and examinations to ensure full compliance.
The directive takes immediate effect.
