The Central Bank of Nigeria (CBN) has directed banks, payment service banks, and other financial institutions to immediately freeze accounts and assets linked to six individuals and four bureaux de change (BDCs) recently designated under terrorism and terrorism-financing sanctions.
In a circular signed by Olubunmi Ayodele-Oni for the Director of the Compliance Department, the CBN said the sanctions were issued by the Nigeria Sanctions Committee (NIGSAC) and the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) pursuant to Executive Order 13224, as amended.
The apex bank said the Nigeria Sanctions List was updated on June 18, 2026, adding that the designations “constitute binding sanctions measures requiring immediate implementation by all regulated entities”.
The designated individuals are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma and Yakubu Ogirima Ibrahim.
The CBN also identified four Nigeria-based money service businesses and BDCs as being owned or controlled by the designated individuals.
They are 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 apex bank directed all financial institutions to immediately screen existing customers, accounts, beneficial owners and transactions against the updated sanctions lists, including known aliases and identifiers.
It further ordered institutions to “identify and immediately freeze, without prior notice, all funds, assets, and other economic resources” belonging to or controlled directly or indirectly by the designated persons and entities, including businesses that are 50 per cent or more owned by them individually or collectively.
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The CBN also prohibited financial institutions from making available any funds, financial services or economic resources, directly or indirectly, to the designated persons or entities.
Under the reporting requirements, institutions were instructed to file Suspicious Transaction Reports with the Nigerian Financial Intelligence Unit immediately for any confirmed or attempted matches.
They are also required to submit reports to the CBN within 48 hours of the circular, detailing the status of any matches, affected accounts, amounts frozen or restricted, and actions taken. The apex bank said nil returns are mandatory where no matches are found.
The CBN further directed banks and other financial institutions to strengthen monitoring for terrorism financing indicators, including the structuring and rapid movement of funds, the use of money service businesses, bureaux de change and informal channels, as well as transactions involving high-risk jurisdictions.
It also ordered a comprehensive lookback review to identify any past or attempted transactions or relationships linked to the designated parties.
Warning against non-compliance, the apex bank said all submissions must be “accurate, complete, and verifiable”, adding that any false or misleading information would constitute a regulatory violation and attract sanctions under the Banks and Other Financial Institutions Act (BOFIA) 2020 and other applicable laws.
The CBN added that it would conduct off-site reviews, on-site examinations and supervisory engagements to verify compliance, noting that the directive takes immediate effect.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X