CBN Directs Immediate Freeze on Assets of 6 Nigerians, 4 BDCs Named on Terror Sanctions List
- The CBN has directed all banks and financial institutions to immediately freeze assets of six designated individuals linked to terrorism financing
- Four Nigeria-based Bureaux de Change were also designated as owned or controlled by the sanctioned individuals under NIGSAC and OFAC listings
- Banks must submit compliance reports within 48 hours and file Suspicious Transaction Reports for any confirmed or attempted matches
Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
The Central Bank of Nigeria (CBN) has ordered all banks and financial institutions to immediately freeze the assets of six individuals and four Bureaux de Change (BDCs) designated on terrorism financing sanctions lists, in a circular issued on Wednesday, June 24, 2026.
The directive was issued pursuant to designations 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, relating to terrorism and terrorism financing.
Source: UGC
The six designated individuals, 4 businesses
The following individuals have been included on the Specially Designated Nationals (SDN) and Blocked Persons List:
- Muktar Muhammad Adamu,
- Babangida Muhammed Adamu Hammajam,
- Abdullahi Umar Usman,
- Ibrahim Abubakar,
- Adamu Chiroma, and
- Yakubu Ogirima Ibrahim.
Four Nigeria-based Money Service Businesses and BDCs were also designated as owned or controlled by the above individuals:
- Generation Currency Bureau De Change Limited
- Manhattan Bureau De Change Limited
- Nine to Nine Exchange Bureau De Change Limited
- Abbal Bako & Sons Bureau De Change Limited
The CBN declared:
"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 percent or more individually or collectively."
The federal government had earlier issued a similar directive to financial institutions and designated non-financial businesses to freeze the assets of persons and businesses linked to terrorism financing.
What banks must do now
The CBN circular outlines six categories of mandatory compliance measures for all regulated financial institutions.
Banks are required to immediately screen existing customers, beneficial owners, and all incoming and outgoing transactions against the updated sanctions lists.
All funds, assets, and economic resources belonging to or controlled by the designated persons and entities must be frozen without prior notice, including assets held through entities owned 50% or more by the designated parties.
Financial institutions are also prohibited from making any funds, financial services, or economic resources available, directly or indirectly, to the designated individuals or entities.
On reporting obligations, banks must file Suspicious Transaction Reports (STRs) with the Nigerian Financial Intelligence Unit (NFIU) for any confirmed or attempted matches.
A compliance report must also be submitted to the CBN within 48 hours via cmd.financialcrime@cbn.gov.ng, detailing match status, affected accounts, amounts frozen, and actions taken. Nil returns are mandatory where no matches are found.
The CBN further directed institutions to intensify monitoring for terrorism financing indicators, including structuring and rapid movement of funds, use of BDCs and informal channels, and transactions involving high-risk jurisdictions. A lookback review of past transactions linked to the designated parties is also required.
The apex bank warned that false or misleading information in compliance submissions would constitute a regulatory violation, attracting sanctions under the Banks and Other Financial Institutions Act (BOFIA) 2020 and other applicable laws.
Previously, Legit.ng reported on three persons and entities reportedly financing terrorism in Nigeria, with details emerging on how such networks operate through informal financial channels.
CBN introduces solutions to fight financial terrorism
Meanwhile, Legit.ng earlier reported that the CBN introduced a draft Baseline Standard to automate anti-money laundering and counter-terrorism financing processes.
The standard mandates integration of AML solutions with real-time monitoring, AI-driven risk assessment, sanctions screening, and customer verification systems
It aims to enhance compliance, efficiency, and detection of suspicious transactions while aligning with international best practices.
Source: Legit.ng
