CBN Orders Banks To Freeze Assets Of Individuals, BDCs Linked With Terrorism Financing
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The Central Bank of Nigeria (CBN) Thursday directed banks and all financial institutions to freeze transactions, accounts, and assets linked to six individuals and four Bureau De Change (BDC) operators designated for terrorism financing.
According to the apex bank, the latest update to the Nigeria Sanctions List, effective June 18, 2026, is binding on all regulated institutions and requires immediate implementation.
The CBN informed regulated entities of fresh sanctions issued by the Nigeria Sanctions Committee (NIGSAC) and the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) under Executive Order 13224, as amended, the circular stated.
The six individuals added to the Specially Designated Nationals (SDN) and Blocked Persons List are: Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, and Yakubu Ogirima Ibrahim.
The CBN directed 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.”
In a statement released earlier this week, OFAC accused Muhammad, also known as Mukhtar Adamu Muhammad, of facilitating financial transactions and money transfers on behalf of the Islamic State West Africa Province (ISWAP), the West African affiliate of the Islamic State terrorist group.
The directive also extends to companies or entities that are 50% or more owned, individually or collectively, by the sanctioned persons.
Financial institutions were further instructed to ensure that no funds, financial services, or economic resources are made available, directly or indirectly, to the designated individuals or entities.
