The directive was issued in a circular dated June 24, 2026, with reference number CMD/FCS/PUB/CIR/002/011.
According to the apex bank, the action follows the latest update to the Nigeria Sanctions List, which took effect on June 18, 2026, and is mandatory for all regulated financial institutions to implement without delay.
The CBN explained that the sanctions were introduced 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, and Yakubu Ogirima Ibrahim.
Also affected by the sanctions are four Nigeria-based money service businesses and Bureau De Change operators alleged to be owned or controlled by the designated 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.
In the circular, the CBN instructed 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 persons and entities.”
The directive comes after the United States government imposed sanctions on Mukhtar Muhammad, a Lagos-based BDC operator, along with three companies allegedly linked to him.
Earlier this week, OFAC accused Muhammad, also known as Mukhtar Adamu Muhammad, of facilitating financial transactions and money transfers for 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 move funds on behalf of the terrorist organisation.
The sanctions further apply to any company or entity that is 50 per cent or more owned, either individually or collectively, by any of the designated persons.
The CBN additionally directed financial institutions to ensure that no funds, financial services, or economic resources are made available, directly or indirectly, to any of the sanctioned individuals or entities.