The Central Bank of Nigeria (CBN) has directed all banks, payment service banks, and other financial institutions to immediately freeze assets of six individuals, four Bureau de Change (BDCs) operators designated as terrorism financiers by Nigeria and the United States.
In a circular issued by its Compliance Department and signed by Olubunmi Ayodele-Oni, the apex bank said the directive follows 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 circular, the Nigeria sanctions list was updated as of 18 June 2026.
The designated persons/entities
The six individuals named as specially designated nationals include Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, and Yakubu Ogirima Ibrahim.
Four Bureau de Change businesses alleged to be owned or by the designated individuals were also listed: 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.
CBN directives
The CBN ordered financial institutions to screen all existing customers, beneficial owners, and both incoming and outgoing transactions against the updated sanctions lists without delay.
All funds, assets, and economic resources belonging to or controlled by the designated persons or entities, including those in which they hold 50 per cent or greater ownership stake, must be frozen immediately and without prior notice.
Banks are also prohibited from making any funds, financial services, or economic resources available, directly or indirectly, to the listed individuals or businesses.
ALSO READ:Â CBN orders banks, fintechs to disclose beneficial owners, store data locally
On reporting, institutions are required to file Suspicious Transaction Reports (STRs) with the Nigerian Financial Intelligence Unit (NFIU) for any confirmed or attempted matches, and must submit a detailed report to the CBN within 48 hours via cmd.financialcrime@cbn.gov.ng.
The report must include match status, details of affected accounts, amounts frozen, and actions taken. Nil returns are compulsory where no matches are found.
The CBN also directed financial institutions to conduct a lookback review of historical transactions to identify any past dealings with the designated parties, and to intensify monitoring for terrorism financing indicators such as fund structuring, use of informed channels, and transactions involving high-risk jurisdictions.
The apex bank warned that false or misleading compliance submissions would constitute a regulatory violation attracting sanctions under the Banks and Other Financial Institutions Act (BOFIA) 2020.
It added that it would conduct off-site reviews, on-site examinations, and supervisory engagements to verify compliance. The circular takes immediate effect.
