CBN Orders Banks To Freeze Accounts Linked To Terrorism Financing

The Central Bank of Nigeria (CBN) has directed all banks, payment service banks, Bureau De Change (BDC) operators and other regulated financial institutions to immediately freeze the bank accounts, assets and financial transactions of individuals and companies listed on Nigeria’s updated sanctions list over alleged terrorism financing.

The directive was contained in a circular dated June 24, 2026, with reference number CMD/FCS/PUB/CIR/002/011, and was issued to all financial institutions under the apex bank’s supervision.

According to the CBN, the order follows the latest update of the Nigeria Sanctions List, which became effective on June 18, 2026, making it mandatory for all regulated institutions to enforce the sanctions without delay.

The apex bank instructed financial institutions to identify and immediately freeze all funds, assets and other economic resources belonging to or controlled, directly or indirectly, by the designated individuals and entities. The action, the CBN said, must be carried out without prior notice to those affected.

Part of the circular reads:

“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.”

The CBN also reminded banks and other financial institutions to comply strictly with Nigeria’s anti-money laundering and counter-terrorism financing regulations in implementing the sanctions.

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The latest directive comes shortly after the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on Nigerian national Mukhtar Adamu and several Bureau De Change firms over their alleged involvement in financing the Islamic State West Africa Province (ISWAP).

Following the U.S. sanctions, the Federal Government updated the Nigeria Sanctions List by designating six individuals and several Bureau De Change operators for alleged terrorism financing.

Individuals Listed

The individuals named on the sanctions list are:

Ibrahim Yakubu Ogirima
Adamu Chiroma
Ibrahim Abubakar
Abdullahi Umar Usman
Babangida Muhammed
Adamu Hammajam

Bureau De Change Operators Listed

The affected BDC operators include:

Abbal Bako & Sons Bureau De Change Limited
Generation Currency BDC Limited
Nine to Nine BDC Limited

The CBN noted that financial institutions must immediately enforce the sanctions against all entities listed in the updated Nigeria Sanctions List.

Reacting to the development, President of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadebe, urged the public not to judge the entire BDC industry based on the actions of a few operators.

He maintained that the vast majority of licensed Bureau De Change operators comply with Nigeria’s financial regulations and anti-money laundering laws.

“The overwhelming majority of licensed BDC operators comply with Nigerian laws and regulatory requirements,” Gwadebe stated.

The CBN reaffirmed that full compliance with the directive is mandatory, describing the measure as part of the Federal Government’s ongoing efforts to combat terrorism financing, money laundering and other financial crimes across the country.