The Central Bank of Nigeria (CBN) has directed all banks and financial institutions to immediately freeze accounts and assets of individuals and BDCs linked to alleged terrorism financing.
The June 24, 2026 circular follows updated sanctions by the Nigeria Sanctions Committee and United States Department of the Treasury’s Office of Foreign Assets Control, OFAC.
These measures are part of an ongoing crackdown on the movement of illicit funds tied to global extremist organizations, including ISIS.
The CBN identified six individuals subject to the sanctions: Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, and Yakubu Ogirima Ibrahim.
Additionally, the regulator listed four Bureau de Change (BDC) operators 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—noting that these entities are allegedly owned or controlled by the designated individuals.
Under the new order, financial institutions are required to:
Screen all customers: Banks must scan existing databases, beneficial owners, and all incoming or outgoing transactions for any matches to the sanctioned list.
Freeze assets immediately: Institutions must restrict all funds and economic resources controlled, directly or indirectly, by the designated parties without prior notice to them.
Report suspicious activity: Banks are mandated to file Suspicious Transaction Reports (STRs) with the Nigerian Financial Intelligence Unit for any matches or attempted transactions.
Submit compliance reports: Every financial institution must submit a formal status report to the CBN within 48 hours, detailing whether any matches were found, the value of frozen assets, and the actions taken.
The apex bank warned that failure to comply with these directives will be treated as a serious regulatory violation under the Banks and Other Financial Institutions Act (BOFIA) 2020. The CBN further noted that it will conduct both off-site reviews and on-site examinations to ensure strict adherence to the new requirements.
The directive also instructs banks to heighten their monitoring of high-risk transactions, specifically those involving money service businesses and informal financial channels, to detect further attempts to move funds for illegal activities.
