The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to immediately freeze all accounts, transactions, and assets linked to six individuals and four Bureau De Change (BDC) operators designated for alleged terrorism financing.
The directive was contained in a circular dated June 24, 2026, following updates to the Nigeria Sanctions List approved by the Nigeria Sanctions Committee (NIGSAC) and sanctions issued by the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC).
According to the CBN, all regulated financial institutions are required to identify and freeze, without prior notice, funds, assets, and economic resources belonging to or controlled by the sanctioned individuals and entities.
The six individuals listed are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, and Yakubu Ogirima Ibrahim.
The affected BDC operators 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 apex bank stated that the sanctions also apply to any company or entity that is 50 per cent or more owned, directly or indirectly, by the designated persons.
The directive follows recent sanctions imposed by the United States government on Muktar Muhammad Adamu and three firms allegedly linked to him over claims of facilitating financial transactions for the Islamic State West Africa Province (ISWAP).
The CBN further instructed financial institutions to ensure that no funds, financial services, or economic resources are made available, directly or indirectly, to the sanctioned individuals or organisations.
The bank said compliance with the directive is mandatory for all regulated institutions.
