The Central Bank of Nigeria (CBN) has directed all banks, payment service banks and other financial institutions to immediately freeze accounts, assets and financial transactions of six persons and four Bureau De Change (BDC) operators designated for alleged terrorism financing.
The directive is contained in a circular dated June 24, 2026, with reference number CMD/FCS/PUB/CIR/002/011, issued to all regulated financial institutions in the country.
“The action is predicated on the updated Nigeria Sanctions List, which took effect on June 18, 2026, and is binding on all financial institutions under the regulatory supervision of the apex bank,” it stated.
The CBN in the circular asked banks and other financial institutions to identify and immediately freeze without notice all accounts, funds, assets and economic resources owned by the affected individuals and entities.
“Identify and immediately freeze, without prior notice, all funds, assets and other economic resources owned or controlled, directly or indirectly, by the designated persons and entities,” the directive reads in part.
Also, the apex bank directed financial institutions to ensure strict compliance with the sanctions regime in line with Nigeria’s anti-money laundering and counter-terrorism financing regulations.
The latest directive is said to come after the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions against a Nigerian, Mukhtar Adamu, and three Bureau De Change companies for their alleged roles in financing the Islamic State West Africa Province (ISWAP).
The Federal Government has updated the Nigeria Sanctions List, sanctioning six individuals and three Bureau De Change (BDC) firms over alleged terrorism financing following the U.S. action.
The individuals listed on the sanctions list are:
Ibrahim Yakubu Ogirima
Adamu Chiroma Ibrahim Abubakar Abdullahi Umar Usman
Babangida Muhammed Adamu Hammajam
The listed Bureau De Change operators are:
Abbal Bako & Sons Bureau De Change Limited Generation Currency BDC Limited
Nine to Nine Bdc Ltd
The CBN circular also listed four BDC operators affected by the directive and directed financial institutions to enforce the sanctions immediately in line with the updated Nigeria Sanctions List.
Reacting to the development, the President of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadebe warned against generalising the act of few operators to the entire industry.
He said most of the licensed Bureau De Change operators follow the existing financial regulations and anti-money laundering laws.
“The overwhelming majority of licensed BDC operators adhere to Nigerian laws and regulatory requirements,” Gwadebe said.
The CBN noted that all regulated institutions are expected to fully comply with the directive as part of Nigeria’s efforts to strengthen measures against terrorism financing, money laundering and other financial crimes.
