June 25 (THEWILL) — The Central Bank of Nigeria (CBN) has directed banks, payment service banks, and other financial institutions to immediately freeze all accounts, assets, and transactions linked to six individuals and four Bureau De Change (BDC) operators designated for alleged terrorism financing.
The directive, contained in a circular dated June 24, 2026, follows an update to the Nigeria Sanctions List and sanctions issued by the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) under Executive Order 13224.
The six individuals named in the sanctions update are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, and Yakubu Ogirima Ibrahim.
Also listed are four BDC operators—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 apex bank instructed financial institutions to identify and freeze, without prior notice, all funds, assets, and economic resources belonging to or controlled directly or indirectly by the designated persons and entities.
The sanctions also extend to companies that are at least 50 percent owned by the affected individuals.
The latest action follows sanctions imposed by OFAC on Mukhtar Muhammad, a Lagos-based BDC operator, and three firms allegedly under his control.
U.S. authorities accused Muhammad of facilitating financial transactions and money transfers on behalf of the Islamic State West Africa Province (ISWAP), a regional affiliate of the Islamic State group.
To ensure compliance, the CBN directed financial institutions to screen customers and transactions against the updated sanctions list, prohibit any dealings with the designated parties, submit Suspicious Transaction Reports to the Nigerian Financial Intelligence Unit, and strengthen monitoring for terrorism-financing activities.
Banks are also required to submit compliance reports to the CBN within 48 hours detailing affected accounts, frozen funds, and actions taken. Institutions with no matches must file nil returns.
The regulator warned that non-compliance or the submission of false information would constitute a breach of banking regulations and could attract sanctions under the Banks and Other Financial Institutions Act (BOFIA) 2020.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
