The Central Bank of Nigeria has directed banks and other financial institutions to immediately freeze the accounts and assets of individuals and companies designated for terrorism and terrorism financing following fresh sanctions issued by Nigerian and United States authorities.
The directive was contained in a circular dated June 24, 2026, issued by the CBN’s Compliance Department and addressed to all banks, Payment Service Banks, and other financial institutions regulated under the Banks and Other Financial Institutions Act 2020.
According to the circular, the action follows recent sanctions designations by the Nigeria Sanctions Committee and the United States Department of the Treasury’s Office of Foreign Assets Control under Executive Order 13224, as amended, on terrorism and terrorism financing.
“The Nigeria Sanctions List has been updated as of June 18, 2026. These designations constitute binding sanctions measures requiring immediate implementation by all regulated entities,” the apex bank said.
The CBN listed six individuals designated under the sanctions regime as Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, and Yakubu Ogirima Ibrahim.
It also named four Nigeria-based Bureau de Change operators designated as being owned or controlled by the 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.
As part of the compliance measures, the apex bank directed all financial institutions to immediately screen existing customers, beneficial owners, and all incoming and outgoing transactions against the updated sanctions lists, including known aliases and identifiers
It also ordered banks to freeze, without prior notice, all funds, assets, and other economic resources belonging to or controlled, directly or indirectly, by the designated persons and entities.
The circular stated, “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, including those owned 50 per cent or more, individually or collectively.”
The CBN further directed financial institutions to ensure that no funds, financial services, or economic resources are made available, directly or indirectly, to the sanctioned persons or entities.
It instructed banks to immediately file Suspicious Transaction Reports with the Nigerian Financial Intelligence Unit for any confirmed or attempted matches.