CBN orders banks to freeze assets of six persons, four BDCs over terrorism financing
The Central Bank of Nigeria has ordered banks, payment service banks and other financial institutions to immediately freeze all accounts, assets and transactions linked to six individuals and four bureau de change operators designated for terrorism financing. The directive, contained in CBN circular dated June 24, 2026 (Ref:CMD/FCS/PUB/CIR/002/011), enforces the updated Nigeria Sanctions List effective June 18, 2026, which 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 as sanctioned entities. The order follows US Treasury OFAC sanctions on a Nigerian, Mukhtar Adamu, and three BDC firms for alleged links to Islamic State West Africa Province.
Why it matters: Financial institutions must act without prior notice; non‑compliance risks regulatory penalties. Individuals and businesses that deal with the listed persons or BDCs may see their transactions blocked or face legal exposure. The move also signals heightened scrutiny of foreign exchange channels and could affect remittance flows.
What you should know or do: Check whether you or your business have any dealings with the named individuals or BDCs; if so, halt transactions and notify your bank or the EFCC. Stay alert for further CBN updates and comply with any reporting requirements to avoid inadvertent violations.