The Central Bank of Nigeria (CBN) has directed banks, payment service banks and other financial institutions to identify and immediately freeze assets held by terrorism financing suspects.
The banks are to act without prior notice, ensuring that all funds, assets, and other economic resources belonging to, owned, held, or controlled (directly or indirectly) by suspects are frozen.
The move followed recent sanctions designations issued by the Nigeria Sanctions Committee (NIGSAC) and the United States Department of the Treasury, Office of Foreign Assets Control (OFAC). The sanctions came in pursuant to Executive Order 13224 (as amended), relating to terrorism and terrorism financing.
“The Nigeria Sanctions List has been updated as at June 18, 2026. These designations constitute binding sanctions measures requiring immediate implementation by all regulated entities,” the circular signed by Olubunmi Ayodele-Oni for Director, Compliance Department, at the CBN.
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The designated persons and entities, are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma and Yakubu Ogirima Ibrahim.
Also in the list 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. They are Nigeria-based Money Service Businesses (MSBs) / Bureaux de Change (BDCs). The assets to be fozen include those owned 50 per cent or more, individually or collectively by the suspects.
The banks are also expected to file Suspicious Transaction Reports (STRs) immediately for any confirmed or attempted matches and submit a report within 48 hours to the CBN indicating details of affected accounts, amounts frozen/restricted and actions taken adding that nil returns are mandatory where no matches are identified.
The circular was defined under BOFIA, 2020 Implementation Of Sanctions Designations – Nigsac And Ofac (E.O. 13224, as Amended).
The financial institutions are required to immediately screen existing customers and accounts, beneficial owners, transactions (incoming and outgoing) against the updated sanctions lists, including known aliases and identifiers.
The banks were further advised 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 directed that all financial institutions are to immediately screen existing customers and accounts, beneficial owners, transactions (incoming and outgoing) against the updated sanctions lists,including known aliases and identifiers.
The banks are to also 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 apex bank also doirected that banks intensify monitoring for terrorism financing indicators, including a structuring and rapid movement of funds, use of MSBs/BDCs and informal channels and transactions involving high-risk jurisdictions.
The banks are to further conduct a comprehensive retrospective review to identify past or attempted transactions or relationships linked to the designated parties and ensure that all submissions are accurate, complete, and verifiable.
“Any false or misleading information shall constitute a regulatory violation and will attract sanctions under BOFIA 2020 and other applicable laws.The CBN will conduct off-site reviews, on-site examinations, and supervisory engagements to verify compliance,” it said.
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