By Priye Briggs
The Central Bank of Nigeria has instructed commercial banks, payment service banks, and other regulated financial firms to immediately freeze all accounts, funds, and transactions tied to six people and four Bureau de Change operators flagged for terrorism financing.
The directive was issued in a circular dated June 24, 2026, reference CMD/FCS/PUB/CIR/002/011, and takes effect from the updated Nigeria Sanctions List released on June 18, 2026. The apex bank said compliance is mandatory for all institutions under its supervision.
CBN ordered lenders to “identify and freeze, without prior notice, all funds, assets, and economic resources owned, held, or controlled directly or indirectly by the listed persons and entities.” No transactions are to be processed until further notice.
The move follows sanctions announced by the U.S. Department of the Treasury’s Office of Foreign Assets Control. OFAC had earlier sanctioned Nigerian national Mukhtar Adamu and three BDC firms for alleged links to financing the Islamic State West Africa Province.
Nigeria’s Federal Government subsequently published its own list naming six individuals and three entities: 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.
Aminu Gwadebe, President of the Association of Bureau De Change Operators of Nigeria, responded to the sanctions. He cautioned that the action should not cast suspicion on all licensed BDCs in the country. “The overwhelming majority of licensed BDC operators comply with Nigerian laws and regulatory requirements,” he said.