The Central Bank of Nigeria has directed banks and all financial institutions to immediately freeze the accounts, transactions and assets of six individuals and four Bureau De Change operators designated for terrorism financing.
The directive was contained in a circular dated June 24, 2026 (Ref: CMD/FCS/PUB/CIR/002/011), obtained by Channels Television.
According to the apex bank, the updated Nigeria Sanctions List, which took effect on June 18, 2026, is binding on all regulated financial institutions and must be implemented without delay.
The CBN said the latest sanctions were 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 added to the Specially Designated Nationals and Blocked Persons List are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma and Yakubu Ogirima Ibrahim.
The four Nigeria-based money service businesses and Bureau De Change operators designated as owned or controlled by the listed individuals 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 instructed 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 on Mukhtar Muhammad, a Lagos-based Bureau De Change operator, and three companies allegedly under his control.
Earlier this week, OFAC accused Muhammad, also known as Mukhtar Adamu Muhammad, of facilitating financial transactions and money transfers for the Islamic State West Africa Province.
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 they were used to channel funds for the terrorist organisation.
The CBN said the sanctions also apply to companies or entities that are at least 50 per cent owned, individually or collectively, by any of the designated persons.
It further directed all financial institutions to ensure that no funds, financial services or other economic resources are made available, directly or indirectly, to the sanctioned individuals or entities.