Citing recent sanctions designations 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 on terrorism and terrorism financing, the Central Bank of Nigeria (CBN) has directed banks, payment service banks and other financial institutions to immediately freeze all accounts, assets and transactions linked to six individuals and four Bureaux de Change (BDCs)/Money Service Businesses (MSBs).
According to a circular posted on its website on Thursday, the apex bank said the six individuals, Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma and Yakubu Ogirima Ibrahim have been designated and included on the Specially Designated Nationals (SDN) and Blocked Persons List, which was updated on June 18, 2026.
The CBN also said that four Nigeria-based Money Service Businesses (MSBs)/Bureaux de Change (BDCs)—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—have been designated as entities owned or controlled by the aforementioned individuals.
Consequently, the regulator directed all financial institutions to immediately screen existing customers and accounts, beneficial owners, as well as incoming and outgoing transactions against the updated sanctions lists, including known aliases and identifiers.
It further ordered 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 persons and entities, including those owned 50 per cent or more, individually or collectively. The institutions were also directed to ensure that no funds, financial services or economic resources are made available, directly or indirectly, to or for the benefit of the designated persons or entities.
The apex bank also directed financial institutions to immediately file Suspicious Transaction Reports (STRs) for any confirmed or attempted matches with the Nigerian Financial Intelligence Unit (NFIU).
According to the CBN, financial institutions must submit a report within 48 hours of the circular to [email protected], indicating the match status (positive or negative), details of affected accounts, amounts frozen or restricted and actions taken.
The CBN emphasised that nil returns are mandatory where no matches are identified.
In addition, the apex bank directed financial institutions to intensify monitoring for terrorism financing indicators, including the structuring and rapid movement of funds, the use of MSBs/BDCs and informal channels, and transactions involving high-risk jurisdictions.
The regulator also ordered financial institutions to conduct a comprehensive retrospective review to identify past or attempted transactions or relationships linked to the designated parties.
The CBN, which emphasised that all submissions from financial institutions must be accurate, complete and verifiable, warned that any false or misleading information would constitute a regulatory violation and attract sanctions under the Banks and Other Financial Institutions Act (BOFIA) 2020 and other applicable laws.
The apex bank added that it will conduct off-site reviews, on-site examinations and supervisory engagements to verify compliance.
The Federal Government, through NIGSAC, on Wednesday directed financial institutions and designated non-financial businesses and professions to maintain full compliance with sanctions obligations by freezing the assets of terrorist financiers.
According to a statement issued by NIGSAC, “The Federal Government reiterates its directive to all financial institutions and designated non-financial businesses and professions to comply fully with all sanctions obligations, including asset-freezing requirements, the filing of Suspicious Transaction Reports and the reporting of relevant matches to the appropriate authorities.”
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