The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to immediately freeze all accounts, transactions, and assets linked to six individuals and four Bureau De Change (BDC) operators designated for terrorism financing.
The directive was contained in a circular dated June 24, 2026, with reference number CMD/FCS/PUB/CIR/002/011.
According to the apex bank, the latest update to the Nigeria Sanctions List, which became effective on June 18, 2026, is binding on all regulated financial institutions and must be implemented without delay.
The CBN said the sanctions were issued 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.
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, and Yakubu Ogirima Ibrahim.
Also listed are four Nigeria-based money service businesses and Bureau De Change operators allegedly owned or controlled by the designated individuals. They include 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.
In the circular, the CBN directed financial institutions to identify and immediately freeze, without prior notice, all funds, assets, and other economic resources belonging to or controlled directly or indirectly by the designated persons and entities.
The directive follows recent sanctions imposed by the United States government on Mukhtar Muhammad, a Lagos-based Bureau De Change operator, and three firms allegedly under his control.
Earlier this week, the U.S. Treasury’s Office of Foreign Assets Control 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), a regional affiliate of the Islamic State terrorist group.
OFAC also sanctioned Nine To Nine Exchange Bureau De Change Limited, Generation Currency Bureau De Change Limited, and Manhattan Bureau De Change Limited, alleging that the companies were used to channel funds to support the terrorist organisation.
The CBN further stated that the sanctions extend to any company or entity that is 50 per cent or more owned, either individually or collectively, by the designated persons.
Financial institutions were also instructed to ensure that no funds, financial services, or economic resources are made available, directly or indirectly, to the sanctioned individuals or entities.
The latest action underscores ongoing efforts by Nigerian and international authorities to strengthen measures against terrorism financing and ensure compliance with global anti-money laundering and counter-terrorism financing regulations.
