CBN Directs Banks to Block Accounts Linked to Terrorism Financing

The Central Bank of Nigeria (CBN) has instructed banks and other financial institutions to immediately freeze all accounts, assets, and transactions connected to six individuals and four Bureau De Change (BDC) operators accused of financing terrorism.
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‎The directive was contained in a circular issued on June 24, 2026, following updates to the Nigeria Sanctions List that took effect on June 18.
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‎According to the apex bank, 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), making compliance mandatory for all regulated institutions.
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‎The individuals listed include Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, and Yakubu Ogirima Ibrahim.
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‎Also sanctioned are four money service businesses and BDC operators allegedly linked to 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.
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‎The CBN directed financial institutions to identify and freeze, without prior notice, any funds, assets, or economic resources owned or controlled directly or indirectly by the designated persons and entities.
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‎The move follows sanctions recently imposed by the United States government on Lagos-based BDC operator Mukhtar Muhammad and three companies reportedly under his control.
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‎In its statement, OFAC alleged that Muhammad facilitated financial transactions on behalf of the Islamic State West Africa Province (ISWAP), a regional affiliate of the Islamic State group. The agency also accused three of the sanctioned BDC firms of serving as channels for funds linked to the terrorist organisation.
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‎The CBN further stated that the restrictions apply to any company or entity that is at least 50 per cent owned, individually or collectively, by the sanctioned persons.
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‎Financial institutions were also warned against making funds, financial services, or other economic resources available to the listed individuals and organisations, either directly or indirectly.