The Central Bank of Nigeria has directed banks, fintechs and other regulated financial institutions to immediately freeze all accounts, funds and assets linked to six individuals and four Bureau De Change operators placed on the Nigeria Sanctions List over alleged terrorism financing.
The directive was contained in a circular dated June 24, 2026, with reference number CMD/FCS/PUB/CIR/002/011, following the latest update to the Nigeria Sanctions List, which took effect on June 18.
According to the apex bank, all regulated institutions are required to comply immediately by identifying and freezing, without prior notice, all funds, assets and other economic resources belonging to or controlled directly or indirectly by the sanctioned individuals and entities.
The CBN said the sanctions followed fresh designations by the Nigeria Sanctions Committee as well as the United States Department of the Treasury’s Office of Foreign Assets Control under Executive Order 13224, as amended.
Those listed include Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma and Yakubu Ogirima Ibrahim.
Also designated are four Nigeria-based Bureau De Change operators and money service businesses allegedly owned or controlled by the sanctioned individuals. 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.
The CBN instructed financial institutions to ensure that no funds, financial services or other economic resources are made available, directly or indirectly, to the designated persons or entities.
The directive also extends to any company or entity that is at least 50 per cent owned, whether individually or collectively, by any of the sanctioned persons.
The latest action follows sanctions announced earlier this week by the US government against Lagos-based BDC operator Mukhtar Muhammad and three firms allegedly under his control.
The US Treasury’s Office of Foreign Assets Control accused Muhammad, also known as Mukhtar Adamu Muhammad, of facilitating financial transactions and money transfers on behalf of the Islamic State West Africa Province, the regional affiliate of the Islamic State terrorist group.
The 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 they were used to channel funds for the terrorist organisation.
The Federal Government had earlier welcomed the US sanctions, describing them as a significant step in the global effort to disrupt terrorism financing networks operating within and beyond Nigeria.
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