The Central Bank of Nigeria (CBN) has directed banks, payment service banks, and other regulated financial institutions to immediately freeze all accounts, assets, and transactions linked to six individuals and four Bureau De Change (BDC) operators designated for terrorism financing.
The directive was contained in a circular dated June 24, 2026, following an update to the Nigeria Sanctions List that took effect on June 18, 2026.
According to the CBN, the sanctions were 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 six individuals named on the updated sanctions list are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, and Yakubu Ogirima Ibrahim.
The four Bureau De Change operators listed 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.
The CBN directed all regulated institutions to identify and immediately freeze, without prior notice, all funds, assets, and other economic resources belonging to or controlled, directly or indirectly, by the designated individuals and entities.
The regulator also instructed financial institutions to ensure that no funds, financial services, or economic resources are made available to the sanctioned persons or organizations. Institutions are required to screen customers and transactions against the updated sanctions lists, file Suspicious Transaction Reports (STRs) where applicable, and strengthen monitoring for terrorism-financing activities.
Banks and other financial institutions have also been directed to submit compliance reports to the CBN within 48 hours, including details of affected accounts, amounts frozen, and actions taken. Institutions that record no matches are expected to submit nil returns.
The directive follows recent sanctions imposed by the United States government on Mukhtar Muhammad, a Lagos-based Bureau De Change operator, and companies allegedly linked to him over accusations of facilitating financial transactions for the Islamic State West Africa Province (ISWAP).
The CBN warned that failure to comply with the directive or providing false or misleading information would constitute a breach of the Banks and Other Financial Institutions Act (BOFIA) 2020 and could attract regulatory sanctions.
The directive takes immediate effect as the apex bank intensifies efforts to strengthen Nigeria’s anti-money laundering and counter-terrorism financing framework.
