Central Bank of Nigeria (CBN) has directed banks and all financial institutions to immediately freeze the accounts, transactions and assets of six individuals and four Bureau De Change (BDC) operators designated for terrorism financing.
The directive was contained in a circular dated June 24, 2026, reference number CMD/FCS/PUB/CIR/002/011.
CBN said the latest update to the Nigeria Sanctions List, effective June 18, 2026, was binding on all regulated institutions and required immediate implementation.
It stated that the sanctions were issued by the Nigeria Sanctions Committee (NIGSAC) and the United States (US) Department of the Treasury's Office of Foreign Assets Control (OFAC) under Executive Order 13224, as amended.
The six individuals added to the Specially Designated Nationals (SDN) and Blocked Persons List are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma and Yakubu Ogirima Ibrahim.
According to the Apex Bank, the four Nigeria-based money service businesses and BDCs designated as owned or controlled by the listed individuals 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.
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"Identify and immediately freeze, without prior notice, all funds, assets, and other economic resources belonging to, owned, held, or controlled, directly or indirectly, by the designated persons and entities," CBN told financial institutions.
The directive followed sanctions earlier this week by the US government on Mukhtar Muhammad, a Lagos-based BDC operator, and three firms allegedly under his control.
OFAC accused Muhammad, also known as Mukhtar Adamu Muhammad, of facilitating financial transactions and money transfers on behalf of the Islamic State West Africa Province (ISWAP), the West African affiliate of the Islamic State terrorist group.
It also sanctioned Nine to Nine Exchange Bureau De Change Limited, Generation Currency Bureau De Change Limited and Manhattan Bureau De Change Limited, alleging the firms were used to channel funds for the terrorist organisation.
The CBN's directive further extends to companies or entities that are 50 per cent or more owned, individually or collectively, by the sanctioned persons.
In addition, financial institutions were instructed to ensure that no funds, financial services or economic resources are made available, directly or indirectly, to the designated individuals or entities.
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