The Central Bank of Nigeria (CBN) has ordered the immediate freezing of bank accounts belonging to six individuals and one Bureau de Change (BDC) over alleged involvement in terrorism financing.
The directive was contained in a circular dated June 24, 2026, with reference number CMD/FCS/PUB/CIR/002/01, addressed to all banks, payment service banks and other financial institutions regulated under the Banks and Other Financial Institutions Act (BOFIA) 2020.
Signed by Olubunmi Ayodele-Oni on behalf of the Director of the CBN Compliance Department, the circular directed financial institutions to immediately implement the latest sanctions under the Nigeria Sanctions List (NIGSAC) and the United States Office of Foreign Assets Control (OFAC) Executive Order 13224, as amended.
Those affected by the sanctions include Adamu Ciroma, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Yakubu Ogirima Ibrahim and Muktar Muhammad Adamu, whose name had appeared on an earlier sanctions list.
The apex bank also sanctioned Abbal Bako & Sons Bureau de Change Limited, ordering the freezing of all its accounts and prohibiting the company from carrying out any transactions within Nigeria’s financial system.
According to the CBN, the Nigeria Sanctions List was updated on June 18, 2026, making the new designations binding on all regulated financial institutions.
The regulator directed banks to identify and immediately freeze, without prior notice, all funds, assets and economic resources belonging to, owned, held or controlled directly or indirectly by the designated individuals and entity. It further ordered that any assets owned 50 per cent or more, either individually or jointly, by the sanctioned persons must also be frozen.
The CBN also instructed financial institutions to screen all incoming and outgoing transactions against the updated sanctions lists, including known aliases and other identifying information, while ensuring that no funds, financial services or economic resources are made available to the affected persons or organisation.
In addition, banks were directed to file Suspicious Transaction Reports (STRs) with the Nigerian Financial Intelligence Unit (NFIU) for any confirmed or attempted matches and submit corresponding reports to the CBN.
The circular further requires banks to provide details of affected accounts, amounts frozen or restricted, and actions taken within 48 hours of receiving the directive.
The apex bank urged financial institutions to strengthen monitoring systems for terrorism financing risks, including suspicious transaction patterns, rapid movement of funds, money service businesses, bureaux de change and transactions involving high-risk jurisdictions.
The CBN warned that all compliance reports must be accurate, complete and verifiable, stressing that false or misleading information would amount to a regulatory violation punishable under BOFIA 2020 and other applicable laws.
It added that compliance with the directive would be verified through off-site reviews, on-site examinations and other supervisory engagements.
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