The Central Bank of Nigeria (CBN) has ordered an immediate nationwide freeze on all bank accounts, assets, and financial transactions linked to individuals and Bureau de Change (BDC) operators suspected of financing terrorism.
The directive, issued in a circular dated June 24, 2026 (Ref: CMD/FCS/PUB/CIR/002/011), mandates banks, payment service institutions, and other regulated financial entities to act without delay or prior notice.
According to the apex bank, the move follows an update to the Nigeria Sanctions List, which took effect on June 18, 2026. Financial institutions are now required to identify and freeze all funds, assets, and economic resources owned—directly or indirectly—by those listed.
The sanctioned individuals include Ibrahim Yakubu Ogirima, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman, Babangida Muhammed, and Adamu Hammajam. Also listed are Abbal Bako & Sons Bureau De Change Limited, Generation Currency BDC Limited, and Nine to Nine BDC Limited.
The action aligns with recent international enforcement measures, particularly by the Office of Foreign Assets Control (OFAC) under the U.S. Department of the Treasury, which sanctioned Nigerian national Mukhtar Adamu and three BDC firms for allegedly channeling funds to the Islamic State West Africa Province (ISWAP).
The CBN emphasized that compliance is mandatory, reinforcing Nigeria’s intensified efforts to dismantle financial networks supporting terrorism, especially in the country’s northeast.
The Nigeria Sanctions List serves as a legal framework for enforcing targeted financial restrictions against individuals and entities linked to terrorism, proliferation financing, and other national security threats.
Meanwhile, the Bureau De Change sector continues to face heightened scrutiny amid concerns over money laundering and illicit financial flows. Reacting to the development, the President of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadebe, warned against stigmatizing the entire industry.
He maintained that the vast majority of licensed operators remain compliant with regulatory standards and should not be unfairly impacted by the alleged misconduct of a few.
The latest move underscores Nigeria’s deepening collaboration with global partners and its commitment to safeguarding the integrity of its financial system while tightening the noose on terrorism financing networks.
