The Central Bank of Nigeria (CBN) has ordered all commercial banks, payment service banks, and other regulated financial institutions to immediately freeze the accounts, assets, and transactions of six individuals and four Bureau De Change (BDC) operators. The targeted entities have been explicitly linked to terrorism financing.
The apex bank’s directive was issued via a circular dated June 24, 2026, following recent updates to the Nigeria Sanctions List. The enforcement action aligns with international and domestic security measures, specifically following sanctions from the Nigeria Sanctions Committee (NIGSAC) and the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC).
According to international intelligence, the primary target of these sanctions is Mukhtar Muhammad (also known as Mukhtar Adamu Muhammad), a Lagos-based BDC operator accused by U.S. authorities of facilitating money transfers and financial networks for the Islamic State West Africa Province (ISWAP).
Who Is Targeted Under the Sanctions?
The six individuals officially added to the Specially Designated Nationals (SDN) and Blocked Persons List include:
Muktar Muhammad Adamu
Babangida Muhammed Adamu
Hammajam Abdullahi Umar
Usman Ibrahim
Abubakar Adamu Chiroma
Yakubu Ogirima Ibrahim
Alongside these individuals, four Nigeria-based currency firms and BDCs allegedly controlled or owned by them have had their operations frozen:
1. Generation Currency Bureau De Change Limited
2. Manhattan Bureau De Change Limited
3. Nine to Nine Exchange Bureau De Change Limited
4. Abbal Bako & Sons Bureau De Change Limited
Stringent Orders for Financial Institutions
The CBN’s directive leaves no room for administrative delay, outlining a zero-tolerance policy for non-compliance. Under the new rules, financial institutions must:
Freeze Without Notice: Instantly block all assets, funds, and economic resources tied directly or indirectly to the named individuals and businesses. The restriction also covers any external company where the sanctioned parties hold a 50% or greater ownership stake.
Halt Financial Access: Ensure absolutely no funds or financial services are extended to the designated entities.
Mandatory Audits and Reporting: Conduct retroactive checks on past transactions and submit a formal compliance report to the CBN within 48 hours. If an institution finds no matching accounts, they must file a “nil return.” Any suspicious transaction hits must be immediately reported to the Nigerian Financial Intelligence Unit (NFIU).
