The Central Bank of Nigeria (CBN) has directed banks, payment service banks, and other financial institutions to immediately freeze accounts, assets, and transactions linked to individuals and Bureau de Change (BDC) operators designated for terrorism financing.
The directive was issued in a circular dated June 24, 2026, referencing an update to the Nigeria Sanctions List that took effect on June 18. The CBN said compliance with the sanctions is mandatory for all regulated financial institutions.
According to the apex bank, affected institutions must “identify and immediately freeze, without prior notice, all funds, assets, and other economic resources” belonging to or controlled by the designated individuals and entities.
The action follows sanctions announced by the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) against a Nigerian national, Mukhtar Adamu, and three Bureau de Change firms over their alleged involvement in financing the terrorist group Islamic State West Africa Province (ISWAP).
Subsequently, the Nigerian government added six individuals and several entities to its sanctions list over alleged terrorism financing activities.
Those named include Ibrahim Yakubu Ogirima, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman, Babangida Muhammed, and Adamu Hammajam. The listed entities include Abbal Bako & Sons Bureau De Change Limited, Generation Currency BDC Limited, and Nine to Nine BDC Limited.
The CBN’s directive requires financial institutions to freeze all related funds and economic resources and ensure strict compliance with the sanctions regime.
Reacting to the development, President of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadebe, urged the public not to generalise the allegations against the entire BDC sector.
“The overwhelming majority of licensed BDC operators comply with Nigerian laws and regulatory requirements,” Gwadebe said.
The latest move forms part of ongoing efforts by Nigerian authorities and international partners to curb terrorism financing and strengthen the country’s anti-money laundering framework.
