CBN Orders Banks to Freeze Accounts, Assets of Terrorism Financing Suspects and Four BDCs

The Central Bank of Nigeria (CBN) has directed banks, financial institutions and other regulated entities 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 was contained in a circular dated June 24, 2026, and issued to all regulated financial institutions following the latest update of the Nigeria Sanctions List.

According to the apex bank, the sanctions, which took effect from June 18, 2026, are binding on all regulated entities and must be implemented without delay.

The CBN said the action followed fresh sanctions imposed 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 in the updated sanctions list are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma and Yakubu Ogirima Ibrahim.

Also designated are four Nigeria-based Bureau De Change operators and money service businesses allegedly owned or controlled by the sanctioned individuals. They include 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.

In the circular, the CBN instructed financial institutions to identify and immediately freeze, without prior notice, all funds, assets and economic resources belonging to or controlled directly or indirectly by the designated individuals and entities.

The directive further extends to companies and organisations that are at least 50 per cent owned, individually or collectively, by any of the sanctioned persons.

The apex bank also prohibited financial institutions from making funds, financial services or economic resources available, directly or indirectly, to the affected individuals and entities.

The development follows recent sanctions announced by the United States government against Lagos-based Bureau De Change operator Muktar Muhammad Adamu and three companies allegedly linked to him.

In a statement issued earlier this week, the U.S. Treasury Department accused Adamu, also known as Mukhtar Adamu Muhammad, of facilitating financial transactions and money transfers on behalf of the Islamic State West Africa Province (ISWAP), a designated terrorist organisation operating in the Lake Chad region.

The U.S. government also sanctioned Nine to Nine Exchange Bureau De Change Limited, Generation Currency Bureau De Change Limited and Manhattan Bureau De Change Limited, alleging that the firms were used to move funds for the terrorist group.

The latest move by the CBN is part of broader efforts by Nigerian authorities and international partners to strengthen anti-money laundering measures, disrupt terrorism financing networks and enhance the integrity of the country’s financial system.

Financial institutions have been directed to ensure full compliance with the sanctions regime and report any assets, accounts or transactions linked to the designated persons and entities.