Citing recent sanctions designations issued by the Nigeria Sanctions Committee (NIGSAC) and the United States Department of the Treasury, Office of Foreign Assets Control (OFAC) under Executive Order 13224, relating to terrorism and terrorism financing, the Central Bank of Nigeria (CBN) has directed banks, payment service banks and other financial institutions to immediately freeze all accounts, assets, and transactions linked to six individuals and four Bureaux De Change (BDCs)/ Money Service Businesses (MSBs).
According to a circular posted on its website on Thursday, the apex bank said that the six individuals- Muktar Muhammad Adamu; Babangida Muhammed Adamu Hammajam; Abdullahi Umar Usman; Ibrahim Abubakar; Adamu Chiroma and Yakubu Ogirima Ibrahim- have been designated and included on the Specially Designated Nationals (SDN) and Blocked Persons List, which was updated on June 18, 2026.
The CBN also said that four Nigeria-based Money Service Businesses (MSBs) / Bureaux de Change(BDCs)- 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- have been designated as owned or controlled by the aforementioned individuals.
Consequently, the regulator directed all financial institutions to immediately screen existing customers and accounts, beneficial owners as well as, “transactions (incoming and outgoing) against the updated sanctions lists, including known aliases and identifiers.”
It further ordered all financial institutions 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, including those owned 50 percent or more, individually or collectively.”
In addition, the apex bank directed financial institutions to, “ensure that no funds, financial services, or economic resources are made available, directly or indirectly, to or for the benefit of the designated persons or entities.”
The CBN also ordered financial institutions to immediately file Suspicious Transaction Reports (STRs) for any confirmed or attempted matches to the Nigerian Financial Intelligence Unit (NFIU).
According to the CBN, financial institutions must also submit a report, “within 48 hours of this circular to cmd.financialcrime@cbn.gov.ng, indicating: “Match status (positive or negative); details of affected accounts; amounts frozen/restricted (and) actions taken.”
It emphasised that: “Nil returns are mandatory where no matches are identified.”
In addition, the apex bank directed financial institutions to intensify monitoring for terrorism financing indicators, including: “Structuring and rapid movement of funds; use of MSBs/BDCs and informal channels and transactions involving high-risk jurisdictions.”
It also ordered financial institutions to, “conduct a comprehensive retrospective review to identify past or attempted transactions or relationships linked to the designated parties.”
The CBN, which emphasised that all submissions from financial institutions, “must be accurate, complete, and verifiable,” warned that, “any false or misleading information shall constitute a regulatory violation and will attract sanctions under BOFIA 2020 and other applicable laws.”
The apex bank added that it will conduct off-site reviews, on-site examinations, and supervisory engagements to verify compliance.
New Telegraph reports that the Federal Government, through NIGSAC, on Wednesday, directed financial institutions and designated non-financial businesses and professions to maintain full compliance with sanctions obligations by freezing the assets of terrorist financiers.
According to a statement issued by NIGSAC: “The Federal Government reiterates its directive to all financial institutions and designated non-financial businesses and professions to comply fully with all sanctions obligations, including asset-freezing requirements, the filing of Suspicious Transaction Reports and the reporting of relevant matches to the appropriate authorities.”
