CBN Directs Immediate Asset Freeze on Six Individuals, Four BDCs Over Terror Financing
Oru Leonard
The Central Bank of Nigeria (CBN) has directed all deposit money banks and other financial institutions to immediately freeze the accounts and assets of six individuals and four Bureau de Change (BDC) operators designated as terrorism financiers under sanctions imposed by the Nigerian and United States governments.
The directive was contained in a circular issued by the CBN’s Compliance Department and signed by Olubunmi Ayodele-Oni. It notified regulated financial institutions of fresh designations by the Nigeria Sanctions Committee (NIGSAC) and the United States Treasury’s Office of Foreign Assets Control (OFAC), acting under Executive Order 13224 on terrorism financing.
According to the updated Nigeria sanctions list released on June 18, 2026, the designated individuals are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, and Yakubu Ogirima Ibrahim.
Also listed are four Bureau de Change operators allegedly linked to the sanctioned individuals. They are Generation Currency Bureau de Change Limited, Manhattan Bureau de Change Limited, Nine to Nine Exchange Bureau de Change, and Abbal Bako and Sons Bureau de Change Limited, with operations in Kano, Lagos and Abuja.
The apex bank instructed financial institutions to immediately screen all existing customers and beneficial owners of incoming and outgoing transactions against the updated sanctions lists.
It further directed that all funds, assets and economic resources belonging to or controlled by the designated individuals and entities, including businesses in which they hold a 50 per cent or greater ownership stake, be frozen immediately and without prior notice.
The CBN also prohibited banks and other regulated institutions from making funds, financial services or economic resources available, directly or indirectly, to the sanctioned persons or entities.
As part of the compliance requirements, financial institutions are to file Suspicious Transaction Reports (STRs) with the Nigerian Financial Intelligence Unit (NFIU) for any confirmed or attempted matches. They are also required to submit detailed compliance reports to the CBN within 48 hours, including the status of matches, affected accounts, amounts frozen and actions taken. Institutions that record no matches are expected to file mandatory nil returns.
In addition, the CBN directed banks to conduct a lookback review of historical transactions to identify any previous dealings with the designated individuals or entities. It also instructed institutions to strengthen monitoring for terrorism financing indicators, including structured transactions, the use of informal channels and dealings involving high-risk jurisdictions.
The apex bank warned that false or misleading compliance submissions would constitute regulatory violations punishable under the Banks and Other Financial Institutions Act (BOFIA), 2020.
It added that compliance with the directive, which takes immediate effect, would be verified through off-site reviews, on-site examinations and supervisory engagements.
