CBN Directs Banks to Freeze Accounts of Customers Linked to Terrorism Financing

The Central Bank of Nigeria (CBN) has directed banks, payment service banks and other financial institutions to immediately identify and freeze all accounts, funds and assets linked to six individuals and four bureaux de change (BDCs) designated under terrorism financing sanctions.

The directive was contained in a circular dated Wednesday, June 24, and signed by Olubunmi Ayodele-Oni for the Director of the Compliance Department of the CBN.

According to the apex bank, the action follows recent sanctions designations by the Nigeria Sanctions Committee ((NIGSAC) and the United States Department of the Treasury’s Office of Foreign Assets Control under Executive Order 13224, as amended, relating to terrorism and terrorism financing.

The CBN said the updated Nigeria Sanctions List, effective June 18, 2026, constitutes “binding sanctions measures requiring immediate implementation by all regulated entities.”

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The designated individuals listed in the circular 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 money service businesses and bureaux de change alleged to be owned or controlled by the 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 CBN directed all financial institutions to immediately screen existing customers, beneficial owners and transactions against the updated sanctions list.

“Immediately screen existing customers and accounts, beneficial owners, transactions (incoming and outgoing) against the updated sanctions lists, including known aliases and identifiers,” the circular stated.

The apex bank further ordered financial institutions to freeze, without prior notice, all funds, assets and economic resources belonging to the designated persons and entities.

“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 persons and entities,” it said.

The regulator also prohibited banks and other institutions from making funds, financial services or economic resources available to the sanctioned individuals and entities.

“Ensure that no funds, financial services, or economic resources are made available, directly or indirectly, to or for the benefit of the designated persons or entities,” the CBN directed.

In addition, the apex bank instructed institutions to file Suspicious Transaction Reports with the Nigerian Financial Intelligence Unit for any confirmed or attempted matches and submit compliance reports to the CBN within 48 hours.

The reports are expected to contain details of affected accounts, amounts frozen or restricted, actions taken and the status of any matches identified.

The CBN also directed financial institutions to intensify monitoring for terrorism financing indicators, including the rapid movement of funds, the use of money service businesses and bureaux de change, as well as transactions involving high-risk jurisdictions.

Furthermore, regulated entities were ordered to conduct retrospective reviews of past and attempted transactions linked to the designated parties.

The apex bank warned that inaccurate, incomplete or misleading submissions would constitute regulatory violations and attract sanctions under the Banks and Other Financial Institutions Act 2020 and other applicable laws.

The circular stated that the directive takes immediate effect, adding that the CBN would conduct off-site reviews, on-site examinations and supervisory engagements to ensure compliance.