The Central Bank of Nigeria (CBN) has instructed banks, payment service banks, and other financial institutions across the country to immediately freeze all accounts, assets, and transactions connected to six individuals and four Bureau de Change (BDC) operators accused of involvement in terrorism financing.
The directive was issued in a circular dated June 24, 2026, with reference number CMD/FCS/PUB/CIR/002/011. According to the apex bank, the action follows an update to the Nigeria Sanctions List that became effective on June 18, 2026.
In the circular, the CBN directed all regulated financial institutions to identify and freeze, without prior notice, any funds, assets, or economic resources owned, controlled, or held directly or indirectly by the sanctioned individuals and entities.
The regulator emphasized that compliance with the sanctions list is mandatory and must be implemented immediately.
The latest sanctions follow recent measures taken by the United States government.
Earlier, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on a Nigerian national, Mukhtar Adamu, along with three Bureau de Change companies for allegedly providing financial support to the terrorist group known as the Islamic State West Africa Province (ISWAP).
Subsequently, the Nigerian government released its own list of individuals and organizations designated 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.
Nigeria has intensified efforts in recent years to combat terrorism financing as part of its broader strategy to weaken extremist groups operating in the country’s northeast and surrounding regions.
Terrorist organizations such as ISWAP and Boko Haram have relied on various funding channels, including illicit financial networks, ransom payments, smuggling operations, and informal money transfer systems.
The Nigeria Sanctions List was established to enable authorities to implement targeted financial sanctions against individuals and entities linked to terrorism, proliferation financing, and other national security threats.
Financial institutions are legally required to comply with sanctions directives by identifying and freezing assets belonging to designated persons.
The Bureau de Change sector has come under increased regulatory scrutiny in recent years due to concerns about money laundering, foreign exchange abuses, and the potential misuse of currency exchange businesses for illicit financial activities.
However, industry stakeholders maintain that the majority of licensed operators comply with regulatory requirements.
Reacting to the sanctions, the President of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadebe, cautioned against generalizing the actions of a few operators to the entire industry.
“The overwhelming majority of licensed BDC operators comply with Nigerian laws and regulatory requirements,” he stated, emphasizing that compliant operators should not be unfairly affected by the allegations against a small number of firms.
The development underscores Nigeria’s ongoing collaboration with international partners and domestic regulators to disrupt financial networks that may support terrorist activities and strengthen the integrity of the country’s financial system.
