CBN Orders Immediate Freeze of Accounts Linked to Terrorism Financing
By Victor Idajili
The Central Bank of Nigeria has directed all banks, payment service banks and other financial institutions to immediately freeze accounts and assets linked to terrorism financing suspects, without prior notice to the account holders.
The directive, issued yesterday, followed fresh sanctions by the Nigeria Sanctions Committee, NIGSAC, and the U.S. Treasury’s Office of Foreign Assets Control, OFAC, under Executive Order 13224 as amended. The Nigeria Sanctions List was updated on June 18, 2026, and the CBN said the designations are “binding sanctions measures requiring immediate implementation” by all regulated entities.
The circular, signed by Olubunmi Ayodele-Oni for the Director of Compliance, listed six individuals and four Bureaux de Change companies:
Individuals: Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, and Yakubu Ogirima Ibrahim.
Entities: Generation Currency Bureau de Change Ltd, Manhattan Bureau de Change Ltd, Nine to Nine Exchange Bureau de Change Ltd, and Abbal Bako & Sons Bureau de Change Ltd.
All are Nigeria-based Money Service Businesses/BDCs.
The CBN ordered banks to freeze all funds, assets and economic resources owned, held or controlled directly or indirectly by the listed persons and entities. This also covers any assets where they hold 50% or more ownership, individually or collectively.
Financial institutions are to:
Screen and block immediately: Check existing customers, beneficial owners, and all incoming/outgoing transactions against the updated list, including known aliases.
Report fast: File Suspicious Transaction Reports for any matches or attempted transactions, and send a report to the CBN within 48 hours detailing affected accounts, amounts frozen, and actions taken. A “nil return” is required if no matches are found.
Review the past: Conduct a retrospective review to flag any prior dealings linked to the designated parties.
Step up monitoring: Watch for terrorism financing red flags such as structuring, rapid fund movements, use of BDCs/informal channels, and transactions tied to high-risk jurisdictions.
Banks were warned not to provide any funds or financial services to the listed persons or entities, directly or indirectly.
The CBN said false or misleading reports will be treated as a regulatory breach and attract penalties under BOFIA 2020 and other laws. It added that it will carry out off-site reviews, on-site examinations and supervisory checks to confirm compliance.
The circular is titled: _“BOFIA 2020: Implementation of Sanctions Designations – NIGSAC and OFAC (E.O. 13224, as Amended).”_
