CBN moves to check terrorism financing, directs banks to update database

The Central Bank of Nigeria (CBN) has directed banks to update their database and report names of the proscribed Jamaatu Ahlis-Sunna Liddaawati Wal Jihad otherwise known as the Boko Haram sect and Jama’atu Ansarul Muslimina Fi Biladis Sudan and their associates to it if found with immediate effect.

According to a circular from CBN last night, the directive is in furtherance of the recent proscription of the two bodies linked with terrorism.

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Consequently, CBN said that any linkage or association with the two associations be reported to it immediately while a nil report is submitted where no persons or associations are linked with them.

In its effort to stem terrorism in the country, the Federal Government has declared the activities of these sects illegal, Nwoha I.T, director of, the financial policy and regulation department, has stated.

Part of the circular reads: “All banks and other financial institutions (OFIs) are, by this letter, required to check their database for the names Jamaatu Ahlis-Sunna Liddaawati Wal Jihad otherwise known as Boko Haram sect and Jama’atu Ansarul Muslimina Fi Biladis Sudan as well as their associates and to report same to the Central Bank of Nigeria”.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.