CBN Orders Freeze on Assets of Six Terror-Financing Suspects, Four BDCs

Nigeria's Central Bank (CBN) has intensified its fight against terrorism financing by ordering a freeze on accounts, funds, and assets connected to six individuals and four Bureau de Change (BDC) operators. This decisive action aims to disrupt financial networks suspected of supporting extremist groups.

The directive, issued via a circular to all financial institutions, aligns with recent sanctions designations by both the Nigeria Sanctions Committee (NIGSAC) and the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). These sanctions are based on Executive Order 13224, which targets individuals and entities involved in terrorism and its financing.

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The Central Bank of Nigeria (CBN) hereby notifies all banks and other financial institutions of recent sanctions designations issued by the Nigeria Sanctions Committee (NIGSAC) and the United States Department of the Treasury, Office of Foreign Assets Control (OFAC) pursuant to Executive Order 13224 (as amended), relating to terrorism and terrorism financing.

The move comes shortly after U.S. authorities identified several Nigerians and Nigeria-based foreign exchange businesses for allegedly facilitating financial transactions for the Islamic State West Africa Province (ISWAP). The U.S. Treasury highlighted that these sanctions target an ISIS financing network that utilized money transfer channels and currency exchange businesses to move funds across multiple jurisdictions.

The CBN circular, signed by Olubunmi Ayodele-Oni for the Director of the Compliance Department, explicitly named the designated individuals: Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, and Yakubu Ogirima Ibrahim. Additionally, four Nigeria-based Money Service Businesses and BDCs were identified as being owned or controlled by these individuals. These include 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 stressed that these designations are binding and require immediate implementation.

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These designations constitute binding sanctions measures requiring immediate implementation by all regulated entities.