CBN orders banks to freeze six terror suspects’ accounts

The Central Bank of Nigeria (CBN) has issued a directive to all banks and financial institutions to immediately freeze the accounts and assets of six individuals and four associated companies designated for terrorism and terrorism financing. This action is in response to recent sanctions imposed by both Nigerian and United States authorities.

The circular, dated June 24, 2026, from the CBN's Compliance Department, mandates that all regulated entities implement the binding sanctions measures. These designations are based on updates to the Nigeria Sanctions List as of June 18, 2026, and align with sanctions issued by the United States Department of the Treasury's Office of Foreign Assets Control under Executive Order 13224.

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The Nigeria Sanctions List has been updated as of June 18, 2026. These designations constitute binding sanctions measures requiring immediate implementation by all regulated entities.

The six individuals named in the sanctions regime are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, and Yakubu Ogirima Ibrahim. Additionally, four Nigeria-based Bureau de Change operators linked to these individuals have been designated: 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.

Financial institutions are required to conduct immediate screening of existing customers, beneficial owners, and all transactions against the updated sanctions lists, including known aliases. They must freeze all funds, assets, and economic resources belonging to or controlled by the designated persons and entities, with no prior notice. Furthermore, institutions must ensure no financial services are made available to sanctioned individuals or entities and submit compliance reports to the CBN within 48 hours, including nil returns if no matches are found.

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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, including those owned 50 per cent or more, individually or collectively.