The Central Bank of Nigeria (CBN) has instructed banks, payment service banks, and other financial institutions to immediately freeze all accounts, assets, and transactions connected to six individuals and four Bureau De Change (BDC) operators identified for alleged terrorism financing.
The directive was issued in a circular dated June 24, 2026, following an update to the Nigeria Sanctions List that became effective on June 18, 2026.
According to the apex bank, the sanctions were imposed by the Nigeria Sanctions Committee (NIGSAC) and the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) under Executive Order 13224, as amended.
The six individuals added to the Specially Designated Nationals (SDN) and Blocked Persons List are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, and Yakubu Ogirima Ibrahim.
Also sanctioned are four BDC operators allegedly linked to the individuals: 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 directed all regulated institutions to identify and freeze, without prior notice, any funds, assets, or economic resources owned, controlled, or held directly or indirectly by the designated persons and entities.
The order extends to any company or organisation in which the sanctioned individuals collectively or individually hold at least a 50 percent ownership stake.
Financial institutions have also been barred from providing funds, financial services, or economic resources to the affected individuals or organisations, whether directly or indirectly.
The move follows recent sanctions by the U.S. government against Mukhtar Muhammad, a Lagos-based BDC operator, and three companies allegedly under his control.
According to OFAC, Muhammad facilitated financial transactions and money transfers on behalf of the Islamic State West Africa Province (ISWAP), a regional affiliate of the Islamic State terrorist network.
OFAC also sanctioned Nine To Nine Exchange Bureau De Change Limited, Generation Currency Bureau De Change Limited, and Manhattan Bureau De Change Limited, alleging they were used to move funds for the terrorist group.
As part of the compliance requirements, the CBN directed financial institutions to immediately screen customers, beneficial owners, and all incoming and outgoing transactions against the updated sanctions lists, including known aliases.
Institutions must freeze any identified assets, block related transactions, file Suspicious Transaction Reports (STRs) with the Nigerian Financial Intelligence Unit (NFIU), and strengthen monitoring systems to detect terrorism-financing activities.
The regulator further ordered affected institutions to submit compliance reports within 48 hours, detailing affected accounts, amounts frozen, match status, and actions taken. Institutions with no matches are required to file nil returns.
The CBN also mandated a retrospective review of previous transactions involving the listed individuals and entities.
It warned that submitting false or misleading information would constitute a violation of the Banks and Other Financial Institutions Act (BOFIA) 2020 and could attract regulatory sanctions.
The directive takes immediate effect, with compliance to be monitored through supervisory reviews, examinations, and regulatory engagements.
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