CBN Orders Immediate Freeze Of Assets Linked To Six Terror Financing Suspects, Four BDCs
CBN directs banks to freeze assets of six terror financing suspects and four BDCs, strengthening anti-terror financing enforcement across Nigeria.
CBN directs banks to freeze assets of six terror financing suspects and four BDCs, strengthening anti-terror financing enforcement across Nigeria.
The Central Bank of Nigeria (CBN) has directed banks, payment service banks and other financial institutions to immediately freeze accounts, funds and assets linked to six individuals and four Bureau de Change (BDC) operators recently designated under terrorism and terrorism financing sanctions, intensifying efforts to disrupt financial networks suspected of supporting extremist groups.The directive issued in a circular to all banks and financial institutions follows recent sanctions 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.The move comes days after U.S. authorities designated several Nigerians and Nigeria-based foreign exchange businesses for allegedly facilitating financial transactions for the Islamic State West Africa Province (ISWAP), a terrorist organisation operating in the Lake Chad region.The U.S. Treasury said the sanctions targeted an ISIS financing network that used money transfer channels and currency exchange businesses to move funds across multiple jurisdictions in support of terrorist activities.
In the circular signed by Olubunmi Ayodele-Oni for the Director, Compliance Department, the apex bank identified the individuals named 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.Also designated are four Nigeria-based Money Service Businesses and Bureau de Change operators identified as being owned or controlled by the sanctioned individuals.They include 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.It stated: “The Central Bank of Nigeria (CBN) hereby notifies all banks and other financial institutions of recent sanctions designations issued by the Nigeria Sanctions Committee (NIGSAC) and the United States Department of the Treasury, Office of Foreign Assets Control (OFAC) pursuant to Executive Order 13224 (as amended), relating to terrorism and terrorism financing.
“The Nigeria Sanctions List has been updated as at June 18, 2026. These designations constitute binding sanctions measures requiring immediate implementation by all regulated entities. The following individuals have been designated and included on the Specially Designated Nationals (SDN) and Blocked Persons List. Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Yakubu Ogirima Ibrahim.“The following Nigeria-based Money Service Businesses (MSBs) /Bureaux de Change (BDCs), have also been designated as owned or controlled by the above 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.”The regulator specifically ordered banks 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 extends beyond assets directly owned by the sanctioned persons, covering entities owned 50 per cent or more, either individually or collectively, by the designated parties.The CBN further warned financial institutions to ensure that “no funds, financial services, or economic resources are made available, directly or indirectly, to or for the benefit of the designated persons or entities.”To ensure swift compliance, banks are required to file Suspicious Transaction Reports (STRs) immediately with the Nigerian Financial Intelligence Unit (NFIU) for any confirmed or attempted matches involving the sanctioned individuals or entities.The apex bank also directed institutions to submit reports to it within 48 hours of the circular, detailing whether matches were identified, affected accounts, amounts frozen or restricted and actions taken.According to the circular, “Nil returns are mandatory where no matches are identified,” effectively requiring every regulated institution to respond regardless of whether it has exposure to the designated persons.
Beyond the immediate sanctions’ implementation, the CBN ordered banks to intensify monitoring for terrorism financing indicators, including the structuring and rapid movement of funds, the use of money service businesses and informal channels, as well as transactions involving high-risk jurisdictions.Financial institutions were also directed to conduct a comprehensive lookback review of customer relationships and historical transactions to identify any past or attempted dealings connected to the designated persons and entities.The regulator warned that all submissions must be “accurate, complete, and verifiable,” adding that false or misleading information would constitute a regulatory violation and attract sanctions under the Banks and Other Financial Institutions Act (BOFIA) 2020 and other applicable laws.
It further disclosed that the CBN would undertake off-site reviews, on-site examinations and supervisory engagements to verify compliance across the financial sector.The latest action underscores growing coordination between Nigerian authorities and international partners to combat terrorism financing at a time when regulators are increasingly focusing on the role of financial institutions in detecting and disrupting illicit financial flows.
