The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to immediately freeze accounts, assets and transactions linked to six individuals and four Bureau De Change (BDC) operators added to the Nigeria Sanctions List.
The directive was contained in a circular dated Wednesday, June 24, 2026, following sanctions that took effect on June 18, 2026.
The individuals named are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma and Yakubu Ogirima Ibrahim.
The affected firms 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 ordered financial institutions to identify and freeze all funds, assets and economic resources owned or controlled, directly or indirectly, by the designated persons and entities, including businesses in which they hold controlling interests.
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It also barred institutions from providing funds, financial services or economic resources to the sanctioned parties and directed them to screen customers and transactions against the updated sanctions list.
Banks are required to report any matches to the Nigerian Financial Intelligence Unit, strengthen monitoring for terrorism-financing risks and review past transactions linked to the affected individuals and firms.
The action follows recent United States sanctions against some of the listed persons and companies over alleged links to the financing network of the Islamic State West Africa Province (ISWAP).
Financial institutions have 48 hours to submit compliance reports detailing affected accounts, assets frozen and actions taken. Institutions with no matches must file nil returns.
The CBN warned that non-compliance or the submission of false information could attract sanctions under the Banks and Other Financial Institutions Act, 2020.
The directive takes immediate effect as authorities step up efforts to curb terrorism financing and protect the integrity of the financial system.