CBN Freezes Accounts of 6 Terrorism Suspects, 4 BDC Operators

The Central Bank of Nigeria (CBN) has directed banks, payment service banks and other financial institutions to immediately freeze all accounts, funds and assets linked to six individuals and four Bureau de Change (BDC) operators recently designated for terrorism financing, as authorities intensify efforts to disrupt financial networks supporting extremist activities.

The directive, contained in a circular issued to all regulated financial institutions, followed recent sanctions imposed 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 CBN action comes days after the UnitedStates government designated several Nigerians and Nigeria-based foreign exchange operators for allegedly facilitating financial transactions on behalf of the Islamic State West Africa Province (ISWAP), a terrorist group operating within the Lake Chad region.

In the circular signed by Olubunmi Ayodele-Oni on behalf of the director of the Compliance Department, the apex bank identified the sanctioned individuals as Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma and Yakubu Ogirima Ibrahim.

The regulator also listed four Nigeria-based Money Service Businesses and Bureau de Change operators allegedly owned or controlled by the designated persons. They are 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.

According to the CBN, the sanctions are binding and require immediate implementation by all financial institutions.

“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 circular stated.

It added that the Nigeria Sanctions List was updated on June 18, 2026, and directed financial institutions to identify and freeze, without prior notice, all funds, assets and economic resources belonging to or controlled directly or indirectly by the designated individuals and entities.

The directive further extends to companies and organisations owned 50 per cent or more, individually or collectively, by the sanctioned persons.

The apex bank warned financial institutions against making available any funds, financial services or economic resources to the affected individuals and entities, either directly or indirectly.

To ensure compliance, banks were instructed to immediately file Suspicious Transaction Reports (STRs) with the Nigerian Financial Intelligence Unit (NFIU) for any confirmed or attempted transactions involving the designated persons.

The CBN also directed all institutions to submit compliance reports within 48 hours, indicating whether matches were found, the number of affected accounts, amounts frozen or restricted, and actions taken.

According to the circular, institutions that record no matches are still required to submit mandatory nil returns.

Beyond the asset freeze, the regulator ordered financial institutions to strengthen surveillance mechanisms for terrorism financing risks, including unusual movement of funds, structured transactions, the use of money service businesses and informal transfer channels, as well as dealings involving high-risk jurisdictions.

Banks were also directed to conduct comprehensive reviews of customer relationships and historical transactions to uncover any previous or attempted dealings connected to the designated individuals and organisations.

The CBN warned that all reports submitted must be accurate, complete and verifiable, stressing that false declarations or misleading information would constitute regulatory breaches punishable under the Banks and Other Financial Institutions Act (BOFIA) 2020 and other applicable laws.

It further disclosed that compliance would be verified through off-site monitoring, on-site examinations and supervisory engagements across the banking industry.