The Central Bank of Nigeria (CBN) has directed all commercial banks and financial institutions to immediately freeze the assets of six Nigerians and four Bureaux de Change (BDCs) linked to terrorism financing activities.
The directive, issued via a circular on June 24, 2026, was prompted by designations from the Nigeria Sanctions Committee (NIGSAC) and the United States Office of Foreign Assets Control (OFAC) under Executive Order 13224.
Affected Individuals and Entities
The six individuals placed on the Specially Designated Nationals (SDN) list are:
– Muktar Muhammad Adamu
– Babangida Muhammed Adamu Hammajam
– Abdullahi Umar Usman
– Ibrahim Abubakar
– Adamu Chiroma
– Yakubu Ogirima Ibrahim
The four BDCs identified as owned or controlled by these individuals are:
– 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
Banks have been instructed to block all accounts, funds, and assets connected to these persons and entities without prior notice. This includes any holdings where the designated individuals own 50% or more, either individually or jointly.
Financial institutions are required to submit compliance reports to the CBN within 48 hours and file Suspicious Transaction Reports (STRs) where necessary.
This latest regulatory action underscores the Federal Government’s intensified efforts to combat terrorism financing and safeguard the integrity of Nigeria’s financial system. It sends a strong signal that the use of banking and foreign exchange channels for illicit purposes will not be tolerated.
