The Central Bank of Nigeria (CBN) has elevated terrorism financing controls to a current supervisory priority.
The move signals a tighter scrutiny of banks and other financial institutions as the regulator steps up efforts to prevent the financial system from being used by illicit actors.
It hinted at this in a circular issued on Tuesday and signed by Hakama Sidi-Ali, acting director, Corporate Communications and Investor Relations Department.
The apex bank stated that its enhanced supervisory focus would cover terrorism financing risk management, transaction monitoring, implementation of targeted financial sanctions and the reporting of suspicious transactions linked to terrorism financing.
The move comes shortly after the CBN 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) designated under terrorism and terrorism-financing sanctions.
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Pinnacle Daily had reported that the CBN directive followed designations issued by the Nigeria Sanctions Committee (NIGSAC) and the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) under Executive Order 13224, as amended.
The apex bank said the Nigeria Sanctions List was updated on June 18, 2026, and that the designations “constitute binding sanctions measures requiring immediate implementation by all regulated entities.”
In the statement, the CBN said it would apply a risk-based approach in supervising terrorism financing controls across the financial sector.
The approach will include both on-site and off-site engagements to assess whether financial institutions have effective anti-money laundering, counter-terrorism financing and counter-proliferation financing controls in place.
The apex bank said the supervisory focus was part of its broader commitment to protecting the Nigerian financial system from abuse by illicit actors.
It also said the initiative supports Nigeria’s domestic and international cooperation on counter-terrorism financing, counter-proliferation financing, financial integrity and the protection of the financial system.
“Further supervisory engagement will be undertaken as appropriate,” the CBN said.
The latest move places greater emphasis on how financial institutions identify, monitor and report transactions that could be linked to terrorism financing, while ensuring that sanctions imposed by Nigerian and international authorities are implemented promptly.
The CBN added that the enhanced supervision would be carried out in line with existing legal and regulatory obligations.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X