The Central Bank of Nigeria (CBN) has directed banks and other financial institutions nationwide to immediately freeze all accounts, assets, and financial transactions linked to six individuals and four Bureau De Change (BDC) operators designated for terrorism financing.
The directive was issued in a circular dated June 24, 2026, bearing reference number CMD/FCS/PUB/CIR/002/011, following updates to the Nigeria Sanctions List that took effect on June 18, 2026.
According to the apex bank, the sanctions are mandatory for all regulated financial institutions and must be implemented without delay.
The CBN said the latest designations were communicated 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 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, and Yakubu Ogirima Ibrahim.
Also designated are four Nigeria-based money service businesses and BDC operators allegedly 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.
In the circular, the CBN instructed financial institutions to identify and freeze, without prior notice, all funds, assets, and economic resources belonging to or controlled directly or indirectly by the listed persons and entities.
The regulator further directed banks and other financial institutions to ensure that no funds, financial services, or economic resources are made available to the sanctioned individuals or organisations, whether directly or indirectly.
The order also applies to any company or entity that is owned, either individually or collectively, by 50 per cent or more by the designated persons.
The latest action follows sanctions recently imposed by the United States government on Mukhtar Muhammad, a Lagos-based BDC operator, and three companies allegedly connected to him.
In a statement released earlier this week, OFAC accused Muhammad, also known as Mukhtar Adamu Muhammad, of facilitating money transfers and financial transactions on behalf of the Islamic State West Africa Province (ISWAP), a regional affiliate of the Islamic State terrorist network.
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, alleging that the firms were used to move funds for the terrorist group.
The CBN’s latest directive underscores ongoing efforts by Nigerian authorities and international partners to strengthen measures against terrorism financing and ensure compliance with global anti-money laundering and counter-terrorism financing regulations.
