CBN orders freeze of accounts linked to terrorism financing

The Central Bank of Nigeria (CBN) yesterday directed banks, payment service banks and other financial institutions to identify and immediately freeze assets held by terrorism financing suspects.

The banks are to act without prior notice, ensuring that all funds, assets and other economic resources belonging to, owned, held or controlled (directly or indirectly) by the suspects are frozen.

The move followed measures imposed by the Nigeria Sanctions Committee (NIGSAC) and the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC).

The sanctions were imposed pursuant to Executive Order 13224 (as amended), relating to terrorism and terrorism financing.

“The Nigeria Sanctions List has been updated as of June 18, 2026.

“These designations constitute binding sanctions measures requiring immediate implementation by all regulated entities,” the circular, signed by Olubunmi Ayodele-Oni for the Director, Compliance Department, CBN, stated.

The designated persons and entities are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma and Yakubu Ogirima Ibrahim.

Also on the list 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 apex bank also directed banks to intensify monitoring for terrorism financing indicators, including the structuring and rapid movement of funds, the use of MSBs/BDCs and informal channels, as well as transactions involving high-risk jurisdictions.