The Central Bank of Nigeria (CBN) has directed all deposit money banks, and other financial institutions in the country to immediately freeze all assets belonging to six individuals and four Bureau de Change (BDCs) designated as terrorism financers under sanctions lists by Nigeria and the United States government.
In a circular issued by the apex bank Compliance Department and signed by Olubunmi Ayodele-Oni, the CBN notified regulated entities of fresh designations by the Nigeria Sanctions Committee (NIGSAC) and the United States Treasury’s Office of Foreign Assets Control (OFAC), acting under Executive Order 13224 on terrorism financing.
The Nigeria sanctions list, which was updated on June 18, 2026, identified the six individuals as Specially Designated Nationals, including Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, and Yakubu Ogirima Ibrahim.
The list also included four Bureau de Change businesses located in Kano, Lagos and Abuja allegedly owned ñby the designated individuals.
They include Generation Currency Bureau de Change Limited, Manhattan Bureau de Change Limited, Nine to Nine Exchange Bureau de Change, and Abbal Bako and Sons Bureau de Change Limited.
The CBN directed financial institutions to ensure that they screened all existing customers, beneficial owners of both incoming and outgoing transactions against the updated sanctions lists without delay.
“All funds, assets, and economic resources belonging to or controlled by the designated persons or entities, including those in which they hold 50% or greater ownership stake, must be frozen immediately and without prior notice,” the CBN statement said.
The CBN also prohibited banks from making any funds, financial services, or economic resources available, directly or indirectly, to the listed individuals or businesses.
On reporting, the CBN said all financial institutions are required to file Suspicious Transaction Report (STRs) with the Nigerian Financial Intelligence Unit (NFIU) for any confirmed or attempted matches and must submit a detailed report to the CBN within 48 hours via cmd.financialcrime@cbn.gov.ng.
The report, the CBN said, must include match status, details of affected accounts, amounts frozen, and actions taken,adding that nil returns should be reported compulsorily where no matches are found.
The CBN also directed financial institutions to conduct a lookback review of historical transactions to identify any past dealings with the designated parties, and to intensify monitoring for terrorism financing indicators, such as fund structuring, use of informed channels, and transactions involving high-risk jurisdictions.
The apex bank warned that any false or misleading compliance submissions would constitute a regulatory violation attracting sanctions under the banks and other financial institutions Act (BOFIA) 2020.
The Bank added that it would conduct off-site reviews, on-site examinations, and supervisory engagements to verify compliance with the circular, which takes immediate effect.
