Central Bank of Nigeria (CBN) has directed banks and other financial institutions across the country to immediately freeze the accounts, assets and financial transactions of 6 individuals and four Bureau De Change (BDC) operators over alleged links to terrorism financing.
The directive was contained in a circular dated June 24, 2026, with reference number CMD/FCS/PUB/CIR/002/011, which announced an update to the Nigeria Sanctions List effective June 18, 2026.
According to the apex bank, the updated sanctions list is binding on all regulated financial institutions, which are expected to enforce the measures without delay.
The CBN said the latest designations were issued by the Nigeria Sanctions Committee (NIGSAC) in collaboration with the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) under Executive Order 13224, as amended.
Those added to the Specially Designated Nationals (SDN) and Blocked Persons List are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma and Yakubu Ogirima Ibrahim.
Also sanctioned are four Nigeria-based money service businesses and Bureau De Change operators 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.
The CBN directed financial institutions to “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 sanctions follow recent action by the United States government against Mukhtar Muhammad, a Lagos-based Bureau De Change operator, and three companies allegedly under his control.
Earlier this week, OFAC accused Muhammad, who is also known as Mukhtar Adamu Muhammad, of facilitating financial transactions and money transfers on behalf of the Islamic State West Africa Province (ISWAP), the regional affiliate of the Islamic State terrorist group.
The US agency also imposed sanctions on Nine To Nine Exchange Bureau De Change Limited, Generation Currency Bureau De Change Limited and Manhattan Bureau De Change Limited, alleging that the firms were used to move funds for the terrorist organisation.
The CBN further stated that the sanctions apply not only to the named individuals and businesses but also to any company or entity that is 50 per cent or more owned, either individually or collectively, by any of the sanctioned persons.
In addition, all regulated financial institutions have been instructed to ensure that no funds, financial services or other economic resources are made available, either directly or indirectly, to the designated individuals or entities.
