CBN Orders Immediate Freeze On Accounts Linked To Terror Financing Suspects

The Central Bank of Nigeria (CBN) has directed banks, payment service banks, and other regulated financial institutions to immediately freeze the accounts, assets, and financial transactions of several individuals and Bureau De Change (BDC) operators designated for alleged involvement in terrorism financing.....KINDLY READ THE FULL STORY HERE▶

The directive was contained in a circular dated June 24, 2026, with reference number CMD/FCS/PUB/CIR/002/011, and distributed to financial institutions under the apex bank’s supervision.

According to the CBN, the action follows a recent update to the Nigeria Sanctions List, which came into effect on June 18, 2026, and is binding on all regulated institutions.

The apex bank instructed financial institutions to identify and freeze, without prior notice, all accounts, funds, assets, and economic resources linked directly or indirectly to the designated individuals and entities.

“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 circular stated.

The CBN further directed all institutions to ensure strict compliance with Nigeria’s anti-money laundering and counter-terrorism financing framework.

The latest measure follows sanctions announced by the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) against Nigerian national Mukhtar Adamu and three Bureau De Change companies over their alleged involvement in financing the Islamic State West Africa Province (ISWAP).

Subsequently, the Federal Government updated the Nigeria Sanctions List, designating six individuals and several Bureau De Change operators for alleged terrorism financing activities.

The individuals listed include:

• Ibrahim Yakubu Ogirima
• Adamu Chiroma
• Ibrahim Abubakar
• Abdullahi Umar Usman
• Babangida Muhammed
• Adamu Hammajam

The Bureau De Change firms named on the sanctions list are:

• Abbal Bako & Sons Bureau De Change Limited
• Generation Currency BDC Limited
• Nine to Nine BDC Limited

The CBN also referenced additional Bureau De Change operators affected by the directive and instructed financial institutions to immediately enforce all sanctions in line with the updated Nigeria Sanctions List.

Reacting to the development, the President of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadebe, urged the public not to judge the entire BDC industry based on the actions of a few operators under investigation.

According to him, the vast majority of licensed Bureau De Change operators comply with regulatory requirements and anti-money laundering obligations.

“The overwhelming majority of licensed BDC operators comply with Nigerian laws and regulatory requirements,” Gwadebe stated.

The CBN reiterated that all regulated institutions are expected to fully implement the directive as part of broader efforts to combat terrorism financing, money laundering, and other financial crimes within the country.