CBN orders banks to freeze assets of six Nigerians, four BDCs over terrorism financing
By Aboki Forex —
The Central Bank of Nigeria (CBN) has directed all banks and financial institutions to immediately freeze the assets of six individuals and four Bureaux de Change (BDCs) linked to terrorism financing.
The directive was issued in a circular on Wednesday, June 24, 2026. It follows designations by the Nigeria Sanctions Committee (NIGSAC) and the United States Office of Foreign Assets Control (OFAC) under Executive Order 13224.
The following individuals have been placed 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.
Four Nigeria-based BDCs were also designated as owned or controlled by the sanctioned individuals. They 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.
The CBN said banks must identify and freeze without prior notice all funds and assets belonging to the designated persons and entities. This includes assets owned 50 percent or more individually or collectively.
Banks are required to submit compliance reports within 48 hours. They must also file Suspicious Transaction Reports for any confirmed or attempted matches.
The federal government had earlier issued a similar directive to financial institutions and designated non-financial businesses to freeze assets linked to terrorism financing.