CBN orders banks to freeze accounts of six terrorism suspects

The Central Bank of Nigeria (CBN) has told banks and other financial institutions to freeze all accounts and assets linked to six people and four Bureau de Change (BDC) operators accused of terrorism and financing terrorism.

In a notice signed by Olubunmi Ayodele-Oni, the CBN’s Director of Compliance Department, on Thursday, the bank said the order follows recent designations 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.

The CBN said the Nigeria Sanctions List was updated on June 18. It added that these new designations require immediate action by all regulated entities.

The people named are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, and Yakubu Ogirima Ibrahim.

The CBN also mentioned four Nigeria-based Money Service Businesses and Bureau de Change operators believed to be owned or controlled by these individuals.

These businesses 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.

“The Nigeria Sanctions List has been updated as of June 18, 2026. These designations require immediate action by all regulated entities.

“The following individuals have been placed on the Specially Designated Nationals (SDN) and Blocked Persons List: Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, and Yakubu Ogirima Ibrahim.

“The following Nigeria-based Money Service Businesses (MSBs)/Bureaux de Change (BDCs) are also designated as owned or controlled by the individuals listed above: 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 notice said.

Customer Screening

According to the directive, financial institutions must immediately check all existing customers, beneficial owners, and all transactions against the updated sanctions lists, including known aliases and identifiers.

The CBN also instructed banks to freeze, without notice, all funds, assets, and resources belonging to or controlled by the designated people and entities.

This order also includes businesses owned 50 percent or more by the sanctioned persons, whether individually or as a group.

Banks must ensure that no funds, financial services, or resources are made available to the sanctioned persons or entities.

Sanctions Measures

The CBN directed banks to file Suspicious Transaction Reports (STRs) with the Nigerian Financial Intelligence Unit (NFIU) for any confirmed or attempted matches. They must submit compliance reports to the CBN within 48 hours.

The reports must show whether matches were found, give details of affected accounts, state the amounts frozen or restricted, and describe actions taken. Banks that find no matches must also send in nil returns.

The CBN urged financial institutions to increase monitoring for signs of terrorism financing. This includes structured transactions, quick movement of funds, use of money service businesses and informal channels, and transactions involving high-risk areas.

The apex bank also told institutions to review past and attempted transactions or business relationships connected to the designated people and entities.

The CBN warned of penalties for non-compliance. All submissions must be accurate and verifiable. It stated that false or misleading information is a breach of the Banks and Other Financial Institutions Act (BOFIA) 2020 and other laws.

The bank plans to carry out off-site reviews, on-site checks, and supervisory meetings to ensure compliance with the sanctions order.