The Central Bank of Nigeria (CBN) has issued a stringent directive to all banks and financial institutions, mandating the immediate freezing of accounts, transactions, and assets linked to six individuals and four Bureau De Change (BDC) operators designated for terrorism financing.
CBN Enforces Latest Sanctions List
The directive, outlined in a circular dated June 24, 2026, and exclusively obtained by Channels Television, emphasizes the urgency of implementation. It states that the latest update to the Nigeria Sanctions List, which became effective on June 18, 2026, is binding on all regulated institutions and requires prompt action.
According to the apex bank, these fresh sanctions stem from designations made by both 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. This collaborative approach underscores a unified stance against financial illicit activities.
Key Individuals and Entities Targeted
The six individuals added to the Specially Designated Nationals (SDN) and Blocked Persons List are:
- Muktar Muhammad Adamu
- Babangida Muhammed Adamu Hammajam
- Abdullahi Umar Usman
- Ibrahim Abubakar
- Adamu Chiroma
- Yakubu Ogirima Ibrahim
Four Nigeria-based money service businesses and BDCs have also been identified and designated as owned or controlled by the listed individuals. These include:
- 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
Background: US Sanctions and ISWAP Links
This CBN directive follows recent sanctions imposed by the United States government. The U.S. Treasury’s OFAC had previously targeted Mukhtar Muhammad, a Lagos-based BDC operator, and three firms allegedly under his control. In a statement released earlier this week, OFAC accused Muhammad (also known as Mukhtar Adamu Muhammad) of facilitating financial transactions and money transfers on behalf of the Islamic State West Africa Province (ISWAP), the West African affiliate of the Islamic State terrorist group.
OFAC specifically implicated Nine To Nine Exchange Bureau De Change Limited, Generation Currency Bureau De Change Limited, and Manhattan Bureau De Change Limited, alleging their involvement in channeling funds for the terrorist organization.
CBN’s Strict Mandate to Financial Institutions
The CBN’s circular provides explicit instructions to financial institutions:
- Immediate Freeze: They are 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.
- Extended Scope: The directive also encompasses companies or entities that are 50% or more owned, individually or collectively, by the sanctioned individuals.
- Prohibition of Services: Financial institutions are further instructed to ensure that no funds, financial services, or economic resources are made available, directly or indirectly, to the designated individuals or entities.
These decisive actions underscore Nigeria’s fortified efforts to prevent its financial system from being exploited for terrorist financing and to uphold international anti-money laundering standards.