CBN Orders Banks To Freeze Accounts Of Six Terror Financing Suspects

CBN Orders Banks To Freeze Accounts Of Six Terror Financing Suspects
Six individuals and BDC firms were added to sanctions list.
Financial institutions directed to enforce sanctions without prior notice.

The Central Bank of Nigeria (CBN) has directed 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 over alleged involvement in terrorism financing.

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EKO HOT BLOG 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 followed an update to the Nigeria Sanctions List, which took effect on June 18, 2026. The sanctions are binding on all financial institutions under the CBN’s regulatory supervision.

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

The circular stated: “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 CBN 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.

The directive comes days after the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on 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. sanctions, the Federal Government updated the Nigeria Sanctions List and designated six individuals and three Bureau De Change firms for alleged terrorism financing.

The individuals named on the sanctions list are:

Ibrahim Yakubu Ogirima
Adamu Chiroma
Ibrahim Abubakar
Abdullahi Umar Usman
Babangida Muhammed
Adamu Hammajam

The Bureau De Change operators listed are:

Abbal Bako & Sons Bureau De Change Limited
Generation Currency BDC Limited
Nine to Nine BDC Limited

The CBN circular also referenced four BDC operators affected by the directive and instructed financial institutions to immediately enforce the sanctions in line 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.