The Central Bank of Nigeria (CBN) has ordered banks and other financial institutions to freeze accounts, transactions, and assets linked to terrorism financing.
The directive affects six individuals and four Bureau De Change (BDC) operators placed on the Nigeria Sanctions List.
The order was contained in a circular dated June 24, 2026, and addressed to all regulated financial institutions.
CBN said the updated sanctions list took effect on June 18, 2026, and must be implemented immediately.
The apex bank explained that compliance with the directive is mandatory for all regulated institutions.
According to the circular, the sanctions were issued by the Nigeria Sanctions Committee (NIGSAC).
The directive also incorporated sanctions imposed by the United States Treasury’s Office of Foreign Assets Control (OFAC).
The measures were issued under Executive Order 13224, as amended.
The affected individuals include Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, and Yakubu Ogirima Ibrahim.
The designated Bureau De Change operators are 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.
CBN directed institutions to “identify and immediately freeze, without prior notice, all funds, assets, and other economic resources” linked to the sanctioned persons.
The order applies to assets owned or controlled directly or indirectly by the affected individuals and entities.
The directive followed recent sanctions imposed by the United States government against Mukhtar Muhammad, a Lagos-based BDC operator.
The US government also sanctioned three companies allegedly under his control.
Earlier this week, OFAC accused Muhammad of facilitating financial transactions for the Islamic State West Africa Province (ISWAP).
The agency alleged he handled money transfers on behalf of the terrorist organisation.
OFAC also sanctioned Nine To Nine Exchange Bureau De Change Limited.
Generation Currency Bureau De Change Limited was equally included in the sanctions.
Manhattan Bureau De Change Limited was also listed by the US authorities.
The agency alleged the companies were used to move funds for the terrorist group.
CBN said the restrictions also extend to companies at least 50 percent owned by sanctioned individuals.
Financial institutions were instructed to prevent funds, financial services, or economic resources from reaching the designated persons or entities.
The bank directed all regulated institutions to ensure immediate and full compliance with the sanctions order.
