CBN Orders Banks to Freeze Accounts, Assets of Six Individuals, Four BDCs Over Terrorism Financing Links

The Central Bank of Nigeria (CBN) has directed banks, Bureau De Change operators and other financial institutions to immediately freeze all accounts, transactions and assets linked to six individuals and four Bureau De Change (BDC) companies designated for alleged terrorism financing.

The directive, contained in a circular dated June 24, 2026, follows fresh sanctions issued by the Nigeria Sanctions Committee (NIGSAC) and the United States Department of the Treasury's Office of Foreign Assets Control (OFAC).

According to the apex bank, the latest update to the Nigeria Sanctions List took effect on June 18, 2026 and is binding on all regulated financial institutions across the country.

The CBN instructed institutions to identify and freeze, without prior notice, all funds, assets and other economic resources belonging to or controlled directly or indirectly by the designated persons and entities.

Individuals Named on Sanctions List

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

Yakubu Ogirima Ibrahim

The sanctions also cover four Nigeria-based money service businesses and Bureau De Change operators allegedly owned, controlled or associated with the designated individuals.

The affected firms are:

Generation Currency Bureau De Change Limited

Manhattan Bureau De Change Limited

Nine to Nine Exchange Bureau De Change Limited

Abbal Bako & Sons Bureau De Change Limited

In the circular, the CBN directed financial institutions to take immediate action to ensure compliance with the sanctions regime.

The apex bank stated that regulated entities must:

Freeze all accounts, funds and assets linked to the designated individuals and companies.

Block any transactions involving sanctioned persons or entities.

Prevent the provision of financial services, economic resources or other support to the affected parties.

Apply the restrictions to any company or entity that is 50 per cent or more owned, individually or collectively, by the sanctioned persons.

The directive means affected individuals and entities will be unable to access funds or conduct financial transactions through Nigeria's regulated banking system while the sanctions remain in force.

The latest move follows sanctions announced earlier this week by the U.S. Treasury Department against Mukhtar Muhammad, also known as Mukhtar Adamu Muhammad, a Lagos-based foreign exchange operator.

According to OFAC, Muhammad allegedly facilitated financial transactions and money transfers on behalf of the Islamic State West Africa Province (ISWAP), a designated terrorist organisation operating in the Lake Chad region.

The U.S. agency 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 firms were used to move funds connected to the terrorist group.

The CBN's directive forms part of broader efforts by Nigerian authorities to strengthen anti-money laundering and counter-terrorism financing frameworks.

Financial institutions have been reminded that sanctions compliance is mandatory and that failure to implement the directive could expose them to regulatory penalties.

The latest action underscores growing cooperation between Nigerian authorities and international partners in tracking and disrupting financial networks suspected of supporting terrorist activities.

The Federal Government had earlier welcomed the sanctions imposed by U.S. authorities, describing them as a positive step toward dismantling financial channels allegedly used by terrorist organisations operating in the region.