CBN Orders Nigerian Banks to Freeze Assets of Six Individuals and Four BDCs Over Terrorism Financing

The Central Bank of Nigeria (CBN) has instructed banks, payment service banks, and other regulated financial institutions to immediately freeze all accounts, assets, and transactions connected to six individuals and four bureau de change (BDC) operators identified as involved in terrorism financing.

The instruction was issued in a circular dated 24 June 2026 (Ref: CMD/FCS/PUB/CIR/002/011).

According to the apex bank, the most recent update to the Nigeria Sanctions List, effective 18 June 2026, is binding on all regulated institutions and must be implemented without delay.

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.”

This follows a sanctions announcement by the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) targeting a Nigerian, Mukhtar Adamu, and three bureau de change companies for alleged financing of the terrorist group Islamic State West Africa Province (ISWAP).

In a subsequent release, the Nigerian government listed six individuals and three entities sanctioned for terrorism financing.

The Federal Government list names Ibrahim Yakubu Ogirima, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman, Babangida Muhammed, Adamu Hammajam, Abbal Bako & Sons Bureau De Change Limited, Generation Currency BDC Limited, and Nine to Nine BDC Limited.

Responding to the announcement, Aminu Gwadebe, president of the Association of Bureau De Change Operators of Nigeria, stated that the indictment should not affect all BDC operators in the country.

“The overwhelming majority of licensed BDC operators comply with Nigerian laws and regulatory requirements,” he said.