The Central Bank of Nigeria (CBN) has instructed banks and other financial institutions to immediately freeze accounts, assets and financial transactions linked to individuals and companies recently identified in connection with alleged terrorism financing.
The directive was issued through a circular dated June 24, 2026, and applies to all institutions regulated by the apex bank.
According to the CBN, the action follows updates made to Nigeria’s sanctions list and must be implemented without delay by all affected financial institutions.
The latest sanctions involve six individuals and four Bureau De Change (BDC) operators. The individuals listed are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma and Yakubu Ogirima Ibrahim.
The affected BDC operators and money service 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 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 order follows sanctions recently announced by the United States government against Mukhtar Muhammad, a Lagos-based BDC operator, and some firms allegedly linked to him.
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) accused Muhammad, also known as Mukhtar Adamu Muhammad, of helping to process financial transactions and transfers on behalf of the Islamic State West Africa Province (ISWAP).
OFAC 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 companies were used to move funds connected to the terrorist group.
The CBN noted that the restrictions also cover any company or organisation that is at least 50 per cent owned, either individually or jointly, by any of the sanctioned persons.
Banks, fintech companies and other regulated institutions were further directed to ensure that no financial services, funds or economic resources are made available, directly or indirectly, to the affected individuals or entities.
The move forms part of ongoing efforts by Nigerian authorities and international partners to strengthen measures against terrorism financing and restrict access to the financial system by persons and organisations under sanctions.
