CBN Orders Banks To Freeze Assets Of Individuals, BDCs Linked With Terrorism Financing

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

The directive was contained in a circular dated June 24, 2026, obtained by Channels Television.

According to the apex bank, the latest update to the Nigeria Sanctions List, which took effect on June 18, 2026, is binding on all regulated institutions and must be implemented immediately.

The CBN said the sanctions were issued 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 Bureau De Change operators designated as owned or controlled by the listed individuals are:

Generation Currency Bureau De Change Limited

Manhattan Bureau De Change Limited

Nine to Nine Exchange Bureau De Change Limited

Abbal Bako & Sons Bureau De Change Limited

The CBN directed all 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 individuals and entities.

The directive follows recent sanctions imposed by the United States government on Mukhtar Muhammad, a Lagos-based Bureau De Change operator, and three firms allegedly under his control.

In a statement released earlier this week, OFAC accused Muhammad, also known as Mukhtar Adamu 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 companies were used to channel funds for the terrorist organisation.

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

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