The Central Bank of Nigeria (CBN) has instructed banks and other financial institutions to immediately freeze the accounts and assets of individuals and organisations recently identified for alleged involvement in terrorism and terrorism financing.
The directive was contained in a circular dated June 24, 2026, issued by the CBN’s Compliance Department to banks, Payment Service Banks and other institutions regulated under the Banks and Other Financial Institutions Act (BOFIA) 2020.
According to the apex bank, the action follows updated sanctions released by the Nigeria Sanctions Committee and the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) under anti-terrorism regulations.
The CBN noted that the Nigeria Sanctions List was updated on June 18, 2026, and that all regulated institutions are required to enforce the sanctions without delay.
Among those listed are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma and Yakubu Ogirima Ibrahim.
The sanctions also extend to four Bureau de Change operators allegedly linked to the designated 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.
Financial institutions have been directed to screen all existing customers, beneficial owners and transactions against the updated sanctions lists and associated aliases.
The CBN further ordered banks to immediately freeze any funds, assets or economic resources owned or controlled, directly or indirectly, by the designated persons or entities, including businesses in which they hold significant ownership interests.
Institutions were also instructed to prevent any financial services, funds or resources from being made available to the sanctioned individuals and organisations.
Additionally, banks must file Suspicious Transaction Reports with the Nigerian Financial Intelligence Unit for any confirmed or attempted transactions involving the affected parties.
The regulator directed all financial institutions to submit compliance reports within 48 hours, detailing any matches found, accounts affected, amounts frozen and measures taken. Institutions that find no matches are required to submit nil returns.
The CBN also urged banks to strengthen monitoring systems for indicators of terrorism financing, including unusual fund movements, the use of money transfer services, bureaux de change and transactions linked to high-risk jurisdictions.
A retrospective review of previous transactions and customer relationships connected to the designated individuals and entities was also mandated.
The apex bank warned that inaccurate or misleading submissions would attract sanctions under BOFIA 2020 and other applicable regulations.
The directive takes immediate effect, with the CBN expected to carry out supervisory reviews and examinations to ensure full compliance across the financial sector.
