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The Central Bank of Nigeria has directed financial institutions to freeze all accounts and assets linked to six individuals and four Bureau de Change operators recently designated for terrorism and terrorism-financing activities.
The directive, contained in a circular signed by Compliance Department Director Olubunmi Ayodele-Oni, follows designations by the Nigeria Sanctions Committee and the U.S. Department of the Treasury’s Office of Foreign Assets Control under Executive Order 13224.
The Nigeria Sanctions List was updated on June 18, and the new designations are binding on all regulated entities, the CBN said.
The designated individuals are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, and Yakubu Ogirima Ibrahim.
The four BDCs affected are 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, which the CBN said are owned or controlled by the designated persons.
“The Nigeria Sanctions List has been updated as of June 18, 2026. These designations constitute binding sanctions measures requiring immediate implementation by all regulated entities,” the circular stated.
“The following individuals have been designated and included on the Specially Designated Nationals (SDN) and Blocked Persons List: Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, and Yakubu Ogirima Ibrahim.
“The following Nigeria-based Money Service Businesses (MSBs)/Bureaux de Change (BDCs) have also been designated as owned or controlled by the above individuals: 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.”
Financial institutions are required to screen existing customers and transactions against the updated lists and freeze all funds and assets belonging to the sanctioned individuals and entities without prior notice.
The order also applies to businesses owned by the designated parties by 50 per cent or more.
CBN said banks must file Suspicious Transaction Reports with the Nigerian Financial Intelligence Unit for any confirmed or attempted matches and submit compliance reports to the CBN within 48 hours.
It added that institutions that identify no matches are also required to submit nil returns.
The CBN also directed institutions to intensify monitoring of terrorism-financing indicators and conduct retrospective reviews of transactions linked to the designated individuals and entities.
The apex bank warned that false or misleading information would constitute a violation under the Banks and Other Financial Institutions Act 2020 and other applicable laws.
It added that it would conduct off-site reviews and on-site examinations to verify compliance.
