The Central Bank of Nigeria (CBN) has issued a directive mandating all banks and financial institutions to immediately freeze the accounts, transactions, and assets of six individuals and four Bureau De Change (BDC) operators identified as being involved in terrorism financing.
This directive, contained in a circular dated June 24, 2026 (Ref: CMD/FCS/PUB/CIR/002/011), follows the latest update to the Nigeria Sanctions List, which took effect on June 18, 2026.
According to the apex bank, the sanctions list is binding on all regulated entities within Nigeria’s financial system and requires strict and immediate compliance. The measure underscores the CBN’s commitment to safeguarding the integrity of the financial sector and supporting national and international efforts to combat terrorism financing.
By enforcing these restrictions, the CBN aims to disrupt financial flows that could potentially aid terrorist activities, while reinforcing Nigeria’s alignment with global standards on anti-money laundering and counter-terrorism financing.
The CBN informed regulated entities of fresh sanctions issued 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 circular stated.
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, and Yakubu Ogirima Ibrahim.
The four Nigeria-based money service businesses and BDCs designated as owned or controlled by the listed individuals 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 financial institutions to “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.”
The directive followed recent sanctions imposed by the United States government on Mukhtar Muhammad, a Lagos-based BDC operator, and three firms allegedly under his control.
In a statement released earlier this week, OFAC accused Muhammad, also known as Mukhtar Adamu Muhammad, of facilitating financial transactions and money transfers on behalf of the Islamic State West Africa Province (ISWAP), the West African affiliate of the Islamic State terrorist group.
OFAC 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 channel funds for the terrorist organisation.
The directive also extends to companies or entities that are 50% or more owned, individually or collectively, by the sanctioned persons.
Financial institutions were further instructed to ensure that no funds, financial services, or economic resources are made available, directly or indirectly, to the designated individuals or entities.
