Central Bank has instructed all financial institutions to immediately freeze accounts and assets linked to six individuals and four bureaux de change designated for alleged involvement in terrorism financing.
The directive, issued in a circular dated June 24, 2026, by the CBN Compliance Department, targets persons and entities added to the Nigeria Sanctions List on June 18, following actions by the Nigeria Sanctions Committee (NIGSAC) and the US Treasury’s Office of Foreign Assets Control (OFAC) under Executive Order 13224.
The six individuals named are Muktar Muhammad Adamu, Babangida, Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar Adamu Chiroma, and Yakubu Ogirima Ibrahim. The affected bureaux de change and money service businesses 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.
Financial institutions must screen customers, beneficial owners, and transactions against the updated sanctions list, including aliases. The CBN ordered an asset freeze “without prior notice” on all funds and economic resources owned or controlled by the designated parties, extending to entities with 50 percent or more ownership by them.
Institutions are prohibited from providing any funds or services to those listed and must file Suspicious Transaction Reports with the Nigerian Financial Intelligence Unit (NFIU) upon detecting matches. Compliance reports, including “nil returns” where no matches are found, are due to the CBN within 48 hours.
The circular also requires a retrospective review of past transactions and heightened monitoring for red flags such as rapid fund movements, use of informal channels, and dealings with high-risk areas.
Non-compliance could result in penalties under the Banks and Other Financial Institutions Act (BOFIA) 2020, the CBN warned, with the regulator planning supervisory checks to enforce adherence.
The measures take immediate effect.
