The Central Bank of Nigeria (CBN) has directed all banks and other financial institutions across the country to immediately freeze accounts, transactions, and assets connected to six individuals and four Bureau De Change (BDC) operators accused of terrorism financing.
The directive, contained in a circular dated June 24, 2026 (Ref: CMD/FCS/PUB/CIR/002/011), follows an update to the Nigeria Sanctions List and takes effect from June 18, 2026.
According to the apex bank, the sanctions were issued by the Nigeria Sanctions Committee (NIGSAC) in collaboration with the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) under Executive Order 13224, targeting individuals and entities allegedly involved in financing terrorist activities.
The six individuals added to 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
Also sanctioned are four Nigeria-based BDC operators and money service businesses allegedly owned or controlled by the designated individuals:
- 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
The CBN instructed all regulated financial institutions to identify and immediately freeze, without prior notice, all funds, assets, and economic resources owned, held, or controlled directly or indirectly by the listed persons and entities.
The move comes after the United States government imposed sanctions on Lagos-based BDC operator Mukhtar Muhammad and three companies reportedly linked to him.
In a statement released earlier this week, OFAC alleged that Muhammad facilitated financial transactions and money transfers on behalf of the Islamic State West Africa Province (ISWAP), a terrorist group operating in the region.
The U.S. agency also sanctioned Nine to Nine Exchange Bureau De Change Limited, Generation Currency Bureau De Change Limited, and Manhattan Bureau De Change Limited, claiming that the firms were used to move funds for the terrorist organization.
The CBN further clarified that the sanctions extend to any company or entity that is 50 percent or more owned, either individually or collectively, by the designated persons.
Financial institutions have also been directed to ensure that no funds, financial services, or economic resources are made available—directly or indirectly—to any of the sanctioned individuals or entities.
The latest directive underscores the Nigerian government’s commitment to strengthening anti-money laundering measures and intensifying efforts to disrupt terrorism financing networks within the country’s financial system.
