Terrorism Financing: CBN Issues Fresh Directive as Financial Institutions Move Into Action

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The Central Bank of Nigeria, CBN, has instructed commercial banks, payment service banks and other financial institutions to immediately place restrictions on accounts, assets and financial transactions linked to six individuals and four Bureau De Change operators over alleged terrorism financing.

The directive was conveyed in a circular dated June 24, 2026, bearing reference number CMD/FCS/PUB/CIR/002/011.

According to the apex bank, the latest amendment to the Nigeria Sanctions List, which took effect on June 18, 2026, is compulsory for all regulated financial institutions and must be implemented without delay.

The CBN directed financial institutions to “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.”

The latest development follows sanctions imposed by the United States Department of the Treasury’s Office of Foreign Assets Control, OFAC, against Nigerian businessman Mukhtar Adamu and three Bureau De Change companies over their alleged links to the financing of the Islamic State West Africa Province, ISWAP.

Subsequently, the Federal Government released the identities of six individuals and three corporate entities sanctioned over alleged involvement in terrorism financing activities.

Those listed by the government include Ibrahim Yakubu Ogirima, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman, Babangida Muhammed, Adamu Hammajam, as well as Abbal Bako & Sons Bureau De Change Limited, Generation Currency BDC Limited and Nine to Nine BDC Limited.

Reacting to the development, the President of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadebe, cautioned against judging all operators based on the allegations against a few firms.

“The overwhelming majority of licensed BDC operators comply with Nigerian laws and regulatory requirements,” he said.

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