The Central Bank of Nigeria (CBN) has ordered all banks and financial institutions to immediately freeze the assets of six designated individuals and four Bureaux de Change (BDCs) linked to terrorism financing, according to a circular issued on Wednesday, June 24, 2026. The directive follows designations 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, targeting terrorism and terrorism financing.
Designated Individuals and Entities
The six individuals placed on 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. Additionally, four Nigeria-based Money Service Businesses and BDCs were designated as owned or controlled by these individuals: 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.
Mandatory Compliance Measures
The CBN circular outlines six categories of mandatory compliance measures for all regulated financial institutions. Banks must immediately screen existing customers, beneficial owners, and all incoming and outgoing transactions against the updated sanctions lists. All funds, assets, and economic resources belonging to or controlled by the designated persons and entities must be frozen without prior notice, including assets held through entities owned 50% or more by the designated parties.
Prohibition on Providing Funds
Financial institutions are prohibited from making any funds, financial services, or economic resources available, directly or indirectly, to the designated individuals or entities. On reporting obligations, banks must file Suspicious Transaction Reports (STRs) with the Nigerian Financial Intelligence Unit (NFIU) for any confirmed or attempted matches.
Compliance Reporting Deadline
A compliance report must be submitted to the CBN within 48 hours via cmd.financialcrime@cbn.gov.ng, detailing match status, affected accounts, amounts frozen, and actions taken. Nil returns are mandatory where no matches are found. The CBN further directed institutions to intensify monitoring for terrorism financing indicators, including structuring and rapid movement of funds, use of BDCs and informal channels, and transactions involving high-risk jurisdictions.
Lookback Review and Penalties
A lookback review of past transactions linked to the designated parties is also required. The apex bank warned that false or misleading information in compliance submissions would constitute a regulatory violation, attracting sanctions under the Banks and Other Financial Institutions Act (BOFIA) 2020 and other applicable laws. Previously, reports emerged on three persons and entities allegedly financing terrorism in Nigeria, with details on how such networks operate through informal financial channels.
