THE Central Bank of Nigeria (CBN) has directed banks and other financial institutions to immediately freeze transactions, accounts, and assets linked to six individuals and four Bureau De Change (BDC) operators designated over alleged terrorism financing.
News Point Nigeria reports in the second paragraph that the directive was contained in a circular dated June 24, 2026 (Ref: CMD/FCS/PUB/CIR/002/011), obtained by Channels Television, noting that the latest update to the Nigeria Sanctions List, effective June 18, 2026, is binding on all regulated institutions and requires immediate implementation.
The apex bank said it was notifying regulated entities of fresh sanctions issued 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, as amended.
The six individuals placed on 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 listed are four Nigeria-based money service businesses and BDC operators alleged to be owned or controlled by the designated individuals: 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 directive follows recent sanctions imposed by the United States government on Mukhtar Muhammad, a Lagos-based BDC operator, and three firms allegedly under his control.
In a statement earlier this week, the Office of Foreign Assets Control (OFAC) accused Muhammad—also known as Mukhtar Adamu Muhammad—of facilitating financial transactions and money transfers on behalf of the Islamic State West Africa Province (ISWAP), the West African affiliate of the Islamic State terrorist group.
OFAC also sanctioned 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 channel funds for the terrorist organisation.
The CBN said the directive also extends to companies or entities that are 50% or more owned, individually or collectively, by the sanctioned persons.
Financial institutions were further instructed to ensure that no funds, financial services, or economic resources are made available, directly or indirectly, to the designated individuals or entities.
