CBN Orders Banks To Freeze Assets Of Six Persons, Four BDCs Over Terrorism Financing

The Central Bank of Nigeria has directed banks, payment service banks and other financial institutions to immediately freeze all accounts, assets and transactions linked to six individuals and four Bureau de Change operators designated for terrorism financing.

Daily Post and Channels TV reported that the directive was contained in a circular dated June 24, 2026 with reference number CMD/FCS/PUB/CIR/002/011, addressed to all regulated institutions.

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.

Channels TV identified the six individuals added to the Specially Designated Nationals and Blocked Persons List as Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma and Yakubu Ogirima Ibrahim.

Channels TV named the four Nigeria-based money service businesses and BDCs as Generation Currency Bureau De Change Limited, Manhattan Bureau De Change Limited, Nine to Nine Exchange Bureau De Change Limited and Abbal Bako and Sons Bureau De Change Limited.

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.

According to Channels TV, the circular stated that the directive follows fresh designations issued 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.

The directive follows US sanctions on a Lagos-based BDC operator Mukhtar Muhammad Adamu and three BDC companies over their alleged involvement in financing the Islamic State West Africa Province.

NaijaTrend previously reported the US sanctions themselves here.

Reacting to the latest directive, the president of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadebe, told Daily Post that the indictment of a few operators should not be used to tarnish the rest of the industry, the majority of whom comply with Nigerian laws and regulatory requirements.

Sources: Daily Post, Channels TV