CBN has ordered banks to freeze accounts of six individuals and four BDCs over terrorism financing allegations.
NewsOnline Nigeria reports that the Central Bank of Nigeria (CBN) has directed 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 (BDC) operators designated for alleged terrorism financing.
The directive was contained in a circular dated June 24, 2026, with reference number CMD/FCS/PUB/CIR/002/011.
According to the apex bank, the latest update to the Nigeria Sanctions List, which took effect on June 18, 2026, is binding on all regulated financial institutions and must be implemented without delay.
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The CBN instructed financial institutions to identify and immediately freeze, without prior notice, all funds, assets, and economic resources belonging to, owned, held, or controlled directly or indirectly by the designated persons and entities.
The development follows recent sanctions announced by the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) against a Nigerian national, Mukhtar Adamu, and three Bureau De Change companies over their alleged involvement in financing the Islamic State West Africa Province (ISWAP).
Subsequently, the Nigerian government released a list of individuals and entities sanctioned for terrorism financing. Those named include Ibrahim Yakubu Ogirima, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman, Babangida Muhammed, Adamu Hammajam, as well as Abbal Bako & Sons Bureau De Change Limited, Generation Currency BDC Limited, and Nine to Nine BDC Limited.
The CBN emphasized that all regulated institutions are required to comply fully with the sanctions regime by identifying affected accounts and preventing any transactions involving the designated individuals and entities.
Reacting to the development, the President of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadebe, urged the public not to generalize the allegations against the entire BDC industry.
He stated that the vast majority of licensed Bureau De Change operators in Nigeria remain compliant with regulatory requirements and anti-money laundering laws.
“The overwhelming majority of licensed BDC operators comply with Nigerian laws and regulatory requirements,” Gwadebe said.
The sanctions form part of ongoing efforts by Nigerian authorities and international partners to disrupt terrorism financing networks and strengthen the country’s anti-money laundering and counter-terrorism financing framework.
