CBN orders banks to freeze accounts linked to six terrorism financing suspects

The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to immediately freeze all accounts and assets linked to six individuals and four Bureau de Change (BDC) operators recently designated for terrorism and terrorism-financing-related activities.

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In a circular signed by Olubunmi Ayodele-Oni, the CBN’s Director of Compliance Department, on Thursday, the apex bank said the sanctions followed recent designations 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 CBN said the Nigeria Sanctions List was updated on 18 June and that the new designations constitute binding sanctions measures that must be implemented immediately by all regulated entities.

The designated individuals are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, and Yakubu Ogirima Ibrahim.

The apex bank also identified four Nigeria-based Money Service Businesses and Bureau de Change operators allegedly owned or controlled by the designated persons.

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 Nigeria Sanctions List has been updated as of June 18, 2026. These designations constitute binding sanctions measures requiring immediate implementation by all regulated entities.

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“The following individuals have been designated and included on the Specially Designated Nationals (SDN) and Blocked Persons List: Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, and Yakubu Ogirima Ibrahim.

“The following Nigeria-based Money Service Businesses (MSBs)/Bureaux de Change (BDCs) have also been designated as owned or controlled by the above individuals: 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 stated.

Customers’ screening

Under the directive, financial institutions are required to immediately screen existing customers, beneficial owners, and all incoming and outgoing transactions against the updated sanctions lists, including known aliases and identifiers.

The CBN further instructed banks to freeze, without prior notice, all funds, assets, and economic resources belonging to or controlled, directly or indirectly, by the designated individuals and entities.

The order also extends to businesses owned 50 per cent or more by the sanctioned parties, whether individually or collectively.

Financial institutions were directed to ensure that no funds, financial services, or economic resources are made available to the sanctioned persons or entities.

Sanctions measures

The regulator also mandated banks to file Suspicious Transaction Reports (STRs) with the Nigerian Financial Intelligence Unit (NFIU) for any confirmed or attempted matches and submit compliance reports to the CBN within 48 hours.

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According to the CBN, the reports must indicate whether matches were found, provide details of affected accounts, disclose amounts frozen or restricted, and outline actions taken. Banks that identify no matches are also required to submit nil returns.

In addition, the CBN ordered financial institutions to intensify monitoring for terrorism financing indicators, including structured transactions, rapid movement of funds, the use of money service businesses and informal channels, and transactions involving high-risk jurisdictions.

The apex bank also directed institutions to conduct retrospective reviews of past and attempted transactions or business relationships linked to the designated individuals and entities.

Warning of regulatory consequences for non-compliance, the CBN said all submissions must be accurate, complete, and verifiable, noting that false or misleading information would constitute a violation under the Banks and Other Financial Institutions Act (BOFIA) 2020 and other applicable laws.

The bank added that it would undertake off-site reviews, on-site examinations, and supervisory engagements to verify compliance with the sanctions directive.