The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to immediately freeze accounts, assets and financial transactions linked to six individuals and four Bureau De Change (BDC) operators designated for alleged terrorism financing.
The directive follows recent sanctions imposed by the United States government on a Lagos-based BDC operator, Mukhtar Muhammad, and companies allegedly connected to him over suspected links to terrorist financing networks.
In a circular dated June 24, 2026, the apex bank informed regulated financial institutions that the latest update to the Nigeria Sanctions List, which took effect on June 18, is mandatory and must be implemented without delay.
According to the CBN, the sanctions were issued by the Nigeria Sanctions Committee (NIGSAC) and supported by measures from the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) under Executive Order 13224, as amended.
The six individuals listed under the Specially Designated Nationals and Blocked Persons List are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma and Yakubu Ogirima Ibrahim.
Also designated are four Nigeria-based money service businesses and Bureau De Change operators: 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 CBN instructed financial institutions to identify and immediately freeze all funds, assets and economic resources owned, controlled or held directly or indirectly by the affected individuals and entities.
The directive further extends to any company or organisation that is at least 50 per cent owned, individually or collectively, by any of the sanctioned persons.
Financial institutions were also ordered to ensure that no funds, financial services or economic resources are made available to the designated individuals and organisations, whether directly or indirectly.
The latest action comes after the United States sanctioned Mukhtar Muhammad and several firms allegedly linked to him. American authorities accused him of facilitating financial transactions on behalf of the Islamic State West Africa Province (ISWAP), a terrorist group operating in parts of the region.
The Federal Government has repeatedly pledged to strengthen efforts against terrorism financing, with regulators increasing scrutiny of financial transactions and institutions suspected of aiding illicit funding networks.
