The Central Bank of Nigeria (CBN) has directed all banks and other financial institutions to immediately freeze accounts, assets and financial transactions linked to six Nigerians and four Bureau De Change (BDC) operators over alleged involvement in terrorism financing.
The directive, contained in a circular dated June 24, 2026, follows the inclusion of the affected individuals and entities on Nigeria’s updated sanctions list as part of ongoing efforts by authorities to disrupt financial networks suspected of supporting terrorist groups.
In the circular, referenced CMD/FCS/PUB/CIR/002/011, the apex bank said the updated Nigeria Sanctions List became effective on June 18, 2026, and is binding on all regulated financial institutions across the country.
The CBN directed banks, payment service banks and other 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.”
The directive is in line with Nigeria’s anti-money laundering and counter-terrorism financing framework, which requires financial institutions to implement targeted financial sanctions against individuals and organisations designated by relevant authorities.
The latest development comes on the heels of sanctions imposed by the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) against a Nigerian national, Mukhtar Adamu, and three Bureau De Change companies for their alleged involvement in financing the Islamic State West Africa Province (ISWAP), a terrorist group operating in parts of Nigeria and the Lake Chad region.
Following the U.S. action, Nigerian authorities updated the country’s sanctions register, designating a number of individuals and businesses for terrorism financing-related offences.
Those listed include Ibrahim Yakubu Ogirima, Adamu Ciroma, Ibrahim Abubakar, Abdullahi Umar Usman, Babangida Muhammed and Adamu Hammajam.
Also designated are Abbal Bako & Sons Bureau De Change Limited, Generation Currency BDC Limited, Nine to Nine BDC Limited and another Bureau De Change operator.
Under the sanctions regime, all financial institutions are required to immediately enforce asset freezes and deny designated persons and entities access to funds, financial services and other economic resources under their control.
Reacting to the development, President of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadebe, cautioned against judging the entire BDC industry by the actions of a few operators implicated in alleged wrongdoing.
“The overwhelming majority of licensed BDC operators comply with Nigerian laws and regulatory requirements,” Gwadebe said.
The latest sanctions underscore increasing collaboration between Nigerian authorities and international partners in efforts to combat terrorism financing, money laundering and other illicit financial activities that threaten national and regional security.
Industry observers note that the move is expected to strengthen oversight of the foreign exchange sector while reinforcing Nigeria’s commitment to global counter-terrorism financing standards.