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LAGOS – The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to immediately freeze the accounts and assets of individuals and companies linked to terrorism and terrorism financing, following fresh sanctions imposed by Nigerian and United States authorities.
The move, which underscores Nigeria’s intensifying crackdown on illicit financial flows and terror financing networks, was contained in a circular dated June 24, 2026, and signed by the apex bank’s Compliance Department.
The directive was issued to all deposit money banks, payment service banks, and other financial institutions regulated under the Banks and Other Financial Institutions Act (BOFIA) 2020.
According to the CBN, the action follows recent sanctions designations 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, targeting individuals and entities allegedly connected to terrorism and terrorism financing activities.
The apex bank noted that the Nigeria Sanctions List was updated on June 18, 2026, and stressed that the new designations constitute binding sanctions measures that must be implemented immediately across the Nigerian financial system.
Under the sanctions regime, six individuals were named for alleged involvement in terrorism-related activities.
They are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, and Yakubu Ogirima Ibrahim.
In addition, the regulator identified four Bureau de Change (BDC) operators allegedly owned or controlled by the designated persons.
The firms 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.
The CBN instructed financial institutions to immediately begin comprehensive screening of all existing customers, beneficial owners, and transactions against the updated sanctions lists, including aliases and other identifying information linked to the designated individuals and entities.
As part of the enforcement measures, banks and other regulated institutions were ordered to freeze all funds, assets, and economic resources belonging to or controlled directly or indirectly by the sanctioned persons and entities.
“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, including those owned 50 per cent or more, individually or collectively,” the circular stated.
The directive effectively bars the affected individuals and entities from accessing funds within the Nigerian financial system and places heightened compliance obligations on financial institutions.
The CBN also emphasised that institutions must ensure strict adherence to applicable laws and regulations relating to anti-money laundering, combating the financing of terrorism, and countering proliferation financing.
Industry observers say the latest sanctions highlight growing collaboration between Nigerian authorities and international partners, particularly the United States, in disrupting financial channels used by terrorist groups and their facilitators.
