CBN Directs Banks to Block Assets Linked to Suspected Terrorism Financing Network

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

In a circular dated June 24, 2026, and referenced CMD/FCS/PUB/CIR/002/011, the apex bank said the directive follows updates to the Nigeria Sanctions List effective June 18, 2026, as well as sanctions from the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC).

The CBN instructed all regulated financial institutions to identify and freeze, without prior notice, all funds, assets, and economic resources belonging to or controlled by the designated persons and entities.

The six individuals listed include Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, and Yakubu Ogirima Ibrahim.

The four BDC firms affected 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 circular, the directive also covers entities owned or controlled by the listed persons, including those with 50 percent or more ownership.

The move follows recent sanctions by the U.S. government, which accused a Lagos-based BDC operator, Mukhtar Muhammad (also known as Mukhtar Adamu Muhammad), of facilitating financial transactions linked to the Islamic State West Africa Province (ISWAP).

OFAC also designated several firms allegedly tied to him, saying they were used to channel funds for terrorists activities. 

The CBN further directed financial institutions to ensure that no funds or financial services are made available, directly or indirectly, to the affected individuals or entities, in line with anti-money laundering and counter-terrorism financing regulations.

The sanctions form part of ongoing efforts by authorities to strengthen Nigeria’s financial security framework and curb illicit financial flows.