The Central Bank of Nigeria (CBN) has instructed banks, payment service banks and other financial institutions across the country to immediately identify and freeze the accounts and assets of individuals and companies linked to terrorism financing.
In a circular issued to regulated institutions, the apex bank directed that all funds, assets and other economic resources belonging to or controlled, directly or indirectly, by the affected persons and entities be frozen without prior notice.
The directive follows fresh sanctions imposed 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, on terrorism and terrorism financing.
According to the circular, signed by Olubunmi Ayodele-Oni on behalf of the Director of the CBN’s Compliance Department, the Nigeria Sanctions List was updated on June 18, 2026, and the new designations are binding on all regulated financial institutions.
The individuals named on the updated sanctions list are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma and Yakubu Ogirima Ibrahim.
Also sanctioned 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.
The CBN further directed financial institutions to strengthen surveillance for suspicious transactions linked to terrorism financing. These include structured cash movements, rapid transfers of funds, the use of money service businesses and bureau de change operators, informal transfer channels, and transactions involving high-risk jurisdictions.
