CBN freezes accounts linked to six terrorism financing suspects
The Central Bank of Nigeria (CBN) has directed banks, payment service banks, and other regulated financial institutions to immediately freeze all accounts, assets, and financial transactions linked to six individuals and four Bureau de Change (BDC) operators designated for alleged terrorism financing. The directive forms part of ongoing efforts to disrupt financial networks believed to support terrorist activities.
According to a CBN circular dated June 24, 2026, the action follows updates to the Nigeria Sanctions List issued by the Nigeria Sanctions Committee (NIGSAC), as well as sanctions imposed by the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) under Executive Order 13224. Financial institutions were instructed to implement the sanctions immediately without prior notice to the affected individuals or entities.
The six 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 owned or controlled by the sanctioned individuals: 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 instructed financial institutions to identify and freeze all funds, assets, and economic resources belonging to or controlled directly or indirectly by the listed persons and entities. The order also extends to any company that is at least 50 percent owned, individually or collectively, by the designated persons. Institutions were further directed to ensure that no financial services or economic resources are made available to the sanctioned individuals or businesses.
As part of the compliance requirements, banks must file Suspicious Transaction Reports with the Nigerian Financial Intelligence Unit where necessary, strengthen customer screening processes, and submit compliance reports to the CBN within 48 hours, including nil returns where no matches are found. The regulator warned that false declarations or failure to comply with the directive could attract sanctions under the Banks and Other Financial Institutions Act. Authorities said the measures are intended to strengthen Nigeria’s fight against terrorism financing and reinforce compliance with both domestic and international financial sanctions.
About the Author
