CBN Orders Freezing Of Bank Accounts Of Terrorism Financing Suspects [See Identities Of Suspects]

The Central Bank of Nigeria (CBN) has directed all banks, payment service banks, and other financial institutions to immediately freeze the accounts, assets, and financial transactions of six individuals and four Bureau De Change (BDC) operators designated for alleged terrorism financing.

Naija News reports that the directive was contained in a circular dated June 24, 2026, with reference number CMD/FCS/PUB/CIR/002/011, issued to all regulated financial institutions across the country.

According to the apex bank, the action follows the latest update to the Nigeria Sanctions List, which took effect on June 18, 2026, and is binding on all financial institutions under its regulatory supervision.

In the circular, the CBN instructed banks and other financial institutions to identify and immediately freeze all accounts, funds, assets and economic resources belonging to the affected individuals and entities without prior notice.

The directive reads in part, “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.”

The apex bank also directed financial institutions to ensure strict compliance with the sanctions regime in line with Nigeria’s anti-money laundering and counter-terrorism financing regulations.

Naija News reports that the latest directive comes days after the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions against a Nigerian, Mukhtar Adamu, and three Bureau De Change companies over their alleged involvement in financing the Islamic State West Africa Province (ISWAP).

Following the U.S. action, the Federal Government updated the Nigeria Sanctions List by designating six individuals and three Bureau De Change (BDC) firms for alleged terrorism financing.

The individuals named on the sanctions list include:

1. Ibrahim Yakubu Ogirima
2. Adamu Chiroma
3. Ibrahim Abubakar
4. Abdullahi Umar Usman
5. Babangida Muhammed
6. Adamu Hammajam

The Bureau De Change operators listed are:

1. Abbal Bako & Sons Bureau De Change Limited
2. Generation Currency BDC Limited
3. Nine to Nine BDC Limited

The CBN circular also referenced four BDC operators affected by the directive, requiring financial institutions to immediately implement the sanctions in accordance with the updated Nigeria Sanctions List.

Reacting to the development, the President of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadebe, cautioned against generalising the actions of a few operators to the entire industry.

According to him, the overwhelming majority of licensed Bureau De Change operators comply with existing financial regulations and anti-money laundering laws.

“The overwhelming majority of licensed BDC operators comply with Nigerian laws and regulatory requirements,” Gwadebe said.

The CBN stressed that all regulated institutions are expected to comply fully with the directive as part of Nigeria’s efforts to strengthen measures against terrorism financing, money laundering and other financial crimes.