By By Elizabeth Ugbo
The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to immediately freeze accounts, transactions, and assets linked to six individuals and four Bureau De Change (BDC) operators over alleged terrorism financing. The directive, contained in a circular dated June 24, 2026, affects persons and entities listed on the Nigeria Sanctions List and the United States sanctions register. The action aims to prevent the movement of funds connected to terrorist activities and took effect nationwide following updates issued by the Nigeria Sanctions Committee (NIGSAC) and the United States Office of Foreign Assets Control (OFAC).
CBN Issues Binding Directive to Financial Institutions
News Point Nigeria reports that the directive was contained in a circular referenced CMD/FCS/PUB/CIR/002/011.
According to the apex bank, the latest update to the Nigeria Sanctions List became effective on June 18, 2026. Consequently, all regulated financial institutions must implement the sanctions immediately.
The CBN instructed banks to identify and freeze, without prior notice, all funds, assets, and economic resources owned or controlled by the designated persons and entities.
Furthermore, the regulator warned institutions against providing funds, financial services, or economic resources to the affected individuals, either directly or indirectly.
Six Individuals Added to Sanctions List
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
- Yakubu Ogirima Ibrahim
The directive also covers companies or entities that are at least 50 percent owned, individually or collectively, by any of the sanctioned persons.
Four Bureau De Change Operators Sanctioned
The sanctions also target four Nigeria-based money service businesses and Bureau De Change operators allegedly owned or controlled by the designated individuals.
The affected firms include:
- Generation Currency Bureau De Change Limited
- Manhattan Bureau De Change Limited
- Nine to Nine Exchange Bureau De Change Limited
- Abbal Bako & Sons Bureau De Change Limited
Financial institutions must ensure that these entities cannot access banking services or financial resources.
US Government Links Firms to ISWAP Financing
The CBN directive follows recent sanctions imposed by the United States government on Mukhtar Muhammad, a Lagos-based BDC operator, and three companies allegedly under his control.
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 US agency also sanctioned Nine To Nine Exchange Bureau De Change Limited, Generation Currency Bureau De Change Limited, and Manhattan Bureau De Change Limited. According to OFAC, the firms helped channel funds for the terrorist organisation.
CBN Reinforces Compliance Requirements
The apex bank stressed that all regulated entities must comply fully with the sanctions regime.
In addition, financial institutions must monitor customer accounts and transactions to prevent any violation of the directive.
The CBN noted that the sanctions issued by NIGSAC and OFAC remain binding on all regulated institutions across Nigeria.
