By Abiodun Folarin
WorldStage– The Central Bank of Nigeria (CBN) has directed banks, payment service banks and other financial institutions to immediately identify and freeze all accounts, funds and assets linked to six individuals and four Bureau de Change (BDC) operators recently designated under terrorism financing sanctions.
The apex bank, in a circular cited on thursday said, the sanctions were issued by the Nigeria Sanctions Committee (NIGSAC) and the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) under Executive Order 13224, as amended, relating to terrorism and terrorism financing.
Earlier, in a statement issued on monday, U.S. Department of State spokesperson Thomas Pigott announced the designation of a Nigerian national and three companies operating in the country as alleged financial facilitators of activities linked to the terrorist group, the Islamic State of Iraq and Syria (ISIS).
The designations span France, Syria, Türkiye and Nigeria. The U.S. Department of State described the network as one that enables ISIS to move money across borders and support its operations.
According to the CBN, the updated Nigeria Sanctions List, effective June 18, 2026, is binding on all regulated financial institutions and requires immediate implementation.
The designated individuals are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma and Yakubu Ogirima Ibrahim.
The regulator also identified four Nigeria-based Money Service Businesses and Bureaux de Change allegedly owned or controlled by the designated individuals. They include 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, financial institutions are required to immediately screen existing customers, beneficial owners, and all incoming and outgoing transactions against the updated sanctions lists, including known aliases and identifiers.
The CBN further instructed banks and other financial institutions to freeze, without prior notice, all funds, assets and economic resources belonging to or controlled, directly or indirectly, by the designated persons and entities, including businesses in which they hold at least a 50 per cent ownership interest.
The circular also prohibits regulated institutions from making funds, financial services or economic resources available, directly or indirectly, to the sanctioned individuals and entities.
In addition, banks are required to file Suspicious Transaction Reports (STRs) with the Nigerian Financial Intelligence Unit (NFIU) for any confirmed or attempted matches and submit compliance reports to the CBN within 48 hours, indicating whether positive or negative matches were found.
The reports must include details of affected accounts, amounts frozen or restricted, and actions taken, while institutions that record no matches are required to submit nil returns.
The apex bank also directed financial institutions to strengthen monitoring systems for terrorism financing risks, including suspicious fund movements, the use of money service businesses and informal channels, as well as transactions involving high-risk jurisdictions.
Furthermore, institutions are expected to conduct retrospective reviews to identify any past or attempted transactions linked to the designated parties.
The CBN warned that inaccurate, incomplete or misleading submissions would constitute regulatory violations and attract sanctions under the Banks and Other Financial Institutions Act (BOFIA) 2020 and other applicable laws.It added that compliance would be verified through off-site reviews, on-site examinations and supervisory engagements, stressing that the directive takes immediate effect.
