By Rita Amaechi
National News – The Central Bank of Nigeria (CBN) has directed all banks, payment service banks and other financial institutions to immediately freeze the accounts and assets of six individuals and one Bureau de Change (BDC) over alleged involvement in terrorism financing.
The directive was contained in a circular dated June 24, 2026, referenced CMD/FCS/PUB/CIR/002/01, and signed by Olubunmi Ayodele-Oni on behalf of the Director of the CBN Compliance Department.
According to the circular, the sanctions followed an update to the Nigeria Sanctions List on June 18, 2026, with the measures taking immediate effect for all institutions regulated under the Banks and Other Financial Institutions Act (BOFIA) 2020.
The affected individuals are Adamu Ciroma, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Yakubu Ogirima Ibrahim and Muktar Muhammad Adamu, who had previously appeared on a sanctions list.
The apex bank also ordered the freezing of all accounts linked to Abbal Bako & Sons Bureau de Change Limited, barring the company from carrying out any transactions within Nigeria’s financial system.
Financial institutions were instructed to identify and freeze, without prior notice, all funds, assets and economic resources owned or controlled directly or indirectly by the designated persons and entity. The directive also extends to any assets that are 50 per cent or more owned, individually or collectively, by the sanctioned individuals.
The CBN further ordered banks to screen all incoming and outgoing transactions against the updated sanctions lists, including known aliases and identifiers, while ensuring that no financial services or economic resources are made available to the designated persons or entity.
Banks are also required to file Suspicious Transaction Reports (STRs) with the Nigerian Financial Intelligence Unit (NFIU) for confirmed or attempted matches and submit corresponding reports to the CBN.
Additionally, affected financial institutions must provide the apex bank with details of frozen or restricted accounts, the amounts involved and actions taken within 48 hours of receiving the circular.
The CBN urged financial institutions to strengthen monitoring systems for terrorism financing risks, particularly transactions involving structured payments, rapid movement of funds, bureaux de change, money service businesses and high-risk jurisdictions.
The regulator warned that inaccurate or misleading reports would constitute a violation of BOFIA 2020 and other applicable laws, adding that compliance would be verified through off-site reviews, on-site examinations and supervisory engagements.
