The Central Bank of Nigeria (CBN) has directed all Banks, Payment Service Banks, and other financial institutions in the country to immediately identify and freeze accounts, funds, and assets linked to six individuals and four Bureaux De Change designated under terrorism-related sanctions.
The directive was contained in a circular issued by the CBN Compliance Department on June 24, 2026, and signed on behalf of the Director of the Department by Olubunmi Ayodele-Oni.
According to the circular, 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) pursuant to Executive Order 13224, as amended, which targets terrorism and terrorism financing.
The apex bank noted that the Nigeria Sanctions List was updated on June 18, 2026, and that the designations are binding on all regulated financial institutions.
The individuals listed in the sanctions designation are: Muktar Muhammad Adamu, Babangida, Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar Adamu Chiroma and Yakubu Ogirima Ibrahim.
The CBN also identified four Nigeria-based Money Service Businesses (MSBs) and Bureaux de Change (BDCs) allegedly owned or controlled by the designated individuals.
They 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 circular directed all financial institutions to immediately screen existing customers, account holders, beneficial owners, and all incoming and outgoing transactions against the updated sanctions lists, including known aliases and identifiers associated with the designated persons and entities.
The CBN instructed institutions to freeze, without prior notice, all funds, assets, and other economic resources belonging to or controlled by the designated individuals and entities.
It stated that the asset freeze should extend to any company or entity owned, directly or indirectly, by the sanctioned persons, including those in which they collectively or individually hold at least 50 per cent ownership.
The regulator further prohibited banks and other financial institutions from making any funds, financial services, or economic resources available, directly or indirectly, to the designated individuals or organizations.
Under the reporting requirements, the CBN directed financial institutions to immediately file Suspicious Transaction Reports (STRs) with the Nigerian Financial Intelligence Unit (NFIU) where any confirmed or attempted match is identified.
The institutions are also required to submit compliance reports to the CBN within 48 hours, detailing the status of screening exercises, affected accounts, amounts frozen or restricted, and actions taken.
The Apex Bank stressed that even institutions that record no matches must file “nil returns.”
In addition, banks and financial institutions were instructed to strengthen monitoring mechanisms for indicators associated with terrorism financing.
The circular highlighted red flags including the structuring and rapid movement of funds, the use of money service businesses and bureaux de change, informal transfer channels, and transactions involving high-risk jurisdictions.
The CBN also ordered a comprehensive retrospective review of customer relationships and transactions to identify any past or attempted dealings linked to the designated persons and entities.
Warning of sanctions for non-compliance, the bank stated that all reports submitted by regulated institutions must be accurate, complete, and verifiable.
It added that any false or misleading information would constitute a regulatory violation and attract penalties under the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020 and other applicable laws.
The circular stated that the directive takes immediate effect, with the CBN expected to conduct off-site reviews, on-site examinations, and supervisory engagements to ensure compliance by regulated institutions.