CBN orders banks to freeze assets linked to six sanctioned individuals, four BDCs

… Orders Lenders to submit reports within 48 hours

The Central Bank of Nigeria (CBN) on Thursday directed banks, payment service banks and other financial institutions to immediately identify and freeze accounts, assets and economic resources linked to six individuals and four bureaux de change (BDCs) designated under Nigeria’s and the United States’ terrorism financing sanctions regimes.

In a circular dated June 24, 2026 and signed by Olubunmi Ayodele-Oni for the director of the CBN’s Compliance Department, the apex bank said the sanctions designations were issued by the Nigeria Sanctions Committee (NIGSAC) and the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) pursuant to Executive Order 13224, as amended.

“The Nigeria Sanctions List has been updated as at June 18, 2026. These designations constitute binding sanctions measures requiring immediate implementation by all regulated entities,” the CBN stated.

The six individuals added to the sanctions list are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma and Yakubu Ogirima Ibrahim.

The apex bank also identified four Nigeria-based Money Service Businesses (MSBs) and bureaux de change as being owned or controlled by the designated 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.

Under the directive, all regulated financial institutions are required to immediately screen existing customers, accounts, beneficial owners and both incoming and outgoing transactions against the updated sanctions lists, including known aliases and identifiers.

The CBN instructed 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 requirement also extends to entities owned 50 percent or more, individually or collectively, by the sanctioned parties.

The regulator further prohibited financial institutions from making available any funds, financial services or economic resources, either directly or indirectly, to the designated persons or entities.

As part of reporting obligations, financial institutions are required to file Suspicious Transaction Reports with the Nigerian Financial Intelligence Unit immediately upon identifying confirmed or attempted matches.

Banks and other regulated institutions must also submit reports to the CBN within 48 hours of the circular, indicating whether any matches were identified, details of affected accounts, amounts frozen or restricted and actions taken. The apex bank said institutions that find no matches are still required to file nil returns.

The circular also requires enhanced monitoring for indicators associated with terrorism financing, including the structuring and rapid movement of funds, the use of money service businesses and bureaux de change, informal transfer channels and transactions involving high-risk jurisdictions.

In addition, financial institutions have been directed to conduct comprehensive lookback reviews to identify past or attempted transactions and relationships linked to the designated individuals and entities.

The CBN warned that all submissions made pursuant to the directive must be accurate, complete and verifiable, noting that false or misleading information would constitute a regulatory violation and attract sanctions under the Banks and Other Financial Institutions Act (BOFIA) 2020 and other applicable laws.

The apex bank said it would conduct off-site reviews, on-site examinations and supervisory engagements to verify compliance with the sanctions measures, adding that the directive takes immediate effect.