The Central Bank of Nigeria (CBN) has directed banks, payment service banks, and other 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 (Ref: CMD/FCS/PUB/CIR/002/011), 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 added to the Specially Designated Nationals (SDN) and Blocked Persons List are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, and Yakubu Ogirima Ibrahim.
The four BDC operators designated as owned or controlled by the listed individuals 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.
Read Also:Cardoso unveils CBN Naira Ambassadors Club to promote respect for national currency
The apex bank directed all regulated institutions to identify and immediately freeze, without prior notice, all funds, assets, and other economic resources belonging to, owned, held, or controlled, directly or indirectly, by the designated individuals and entities.
The order also applies to any company or entity that is at least 50 per cent owned, individually or collectively, by the sanctioned persons.
Financial institutions were instructed to ensure that no funds, financial services, or economic resources are made available, directly or indirectly, to the affected individuals or entities.
The directive follows sanctions recently imposed by the United States government on Mukhtar Muhammad, a Lagos-based BDC operator, and three firms allegedly under his control.
According to OFAC, Muhammad, also known as Mukhtar Adamu Muhammad, facilitated financial transactions and money transfers on behalf of the Islamic State West Africa Province (ISWAP), a regional affiliate of the Islamic State terrorist group.
OFAC 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 companies were used to channel funds for the terrorist organisation.
Read Also:CBN unveils payments vision 2028 to power Nigeria’s digital economy
As part of the compliance measures, the CBN directed financial institutions to immediately screen existing customers, beneficial owners, and all incoming and outgoing transactions against the updated sanctions lists, including known aliases.
Institutions are also required to freeze assets linked to the designated persons, prohibit transactions involving them, file Suspicious Transaction Reports (STRs) with the Nigerian Financial Intelligence Unit (NFIU), and strengthen monitoring for terrorism-financing indicators.
The regulator further instructed affected institutions to submit compliance reports within 48 hours, detailing affected accounts, amounts frozen, match status, and actions taken. Institutions that record no matches must submit nil returns.
The CBN also ordered retrospective reviews of past transactions involving the designated individuals and entities.
It warned that providing false or misleading information would constitute a regulatory breach under the Banks and Other Financial Institutions Act (BOFIA) 2020 and could attract sanctions.
The directive takes immediate effect, with compliance to be monitored through off-site reviews, on-site examinations, and supervisory engagements.
