CBN orders freeze on assets of individuals, BDCs linked to terrorism financing

The Central Bank of Nigeria (CBN) has directed all banks and other financial institutions to immediately freeze transactions, accounts, and assets linked to six individuals and four Bureau De Change (BDC) operators suspected of involvement in terrorism financing.

The directive, contained in a circular dated June 24, 2026 (Ref: CMD/FCS/PUB/CIR/002/011), was obtained by Nigerian Tribune.

It references the latest update to the Nigeria Sanctions List, which took effect on June 18, 2026, and is binding on all regulated institutions.

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The CBN notified regulated entities of fresh 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 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.

The four Nigeria-based money service businesses and BDC operators listed 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.

The CBN instructed financial institutions 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 action follows recent sanctions by the United States government targeting Lagos-based BDC operator Mukhtar Muhammad (also known as Mukhtar Adamu Muhammad) and three firms allegedly under his control.

In a statement earlier this week, OFAC accused Muhammad of facilitating financial transactions and money transfers on behalf of the Islamic State West Africa Province (ISWAP), the West African affiliate of the Islamic State terrorist group.

OFAC 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 channel funds to the terrorist organisation.

The CBN’s directive extends to any companies or entities that are 50percent or more owned, individually or collectively, by the sanctioned persons.

Financial institutions have also been instructed to ensure that no funds, financial services, or economic resources are made available, directly or indirectly, to the designated individuals or entities.

This development underscores ongoing efforts by Nigerian authorities and international partners to disrupt financial networks allegedly supporting terrorism in the region. Banks are expected to comply immediately and report any identified assets to the relevant authorities.