The Central Bank of Nigeria, CBN, has instructed banks and other financial institutions to immediately freeze accounts, assets, and transactions connected to six individuals and four Bureau de Change operators accused of terrorism financing.
The directive was contained in a circular issued by the apex bank, directing all regulated institutions to comply with the updated Nigeria Sanctions List.
According to the CBN, the measure became effective from June 18, 2026, and requires immediate action from affected financial institutions.
Financial institutions given enforcement order
The CBN instructed banks, payment service banks, and other financial organisations to identify and restrict access to funds and economic resources belonging to the listed persons and entities.
The order covers assets owned, controlled, or managed directly or indirectly by those designated.
The move is part of efforts to strengthen financial controls and prevent the use of Nigeria’s financial system for illegal activities.
Individuals and BDC operators listed
The development follows sanctions announced by the United States Department of the Treasury’s Office of Foreign Assets Control, OFAC, against individuals and companies allegedly linked to financing the Islamic State West Africa Province, ISWAP.
The Nigerian government later released names of those sanctioned for alleged terrorism financing activities.
The listed individuals include Ibrahim Yakubu Ogirima, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman, Babangida Muhammed, and Adamu Hammajam.
The affected Bureau de Change operators include Abbal Bako & Sons Bureau De Change Limited, Generation Currency BDC Limited, and Nine to Nine BDC Limited.
BDC operators react to sanctions
President of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadebe, said the allegations against some operators should not affect the reputation of the entire sector.
He stressed that many licensed BDC operators follow regulatory requirements and comply with Nigerian laws.
Gwadebe urged that individual cases should be treated separately rather than affecting all operators.
