BREAKING: CBN Freezes Accounts of Six Terror Financing Suspects, Four BDC Operators (Full List)

• The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to immediately freeze all accounts, funds and assets linked to six individuals and four Bureau de Change operators sanctioned over alleged terrorism financing activities.

The Central Bank of Nigeria (CBN) has ordered all banks, payment service banks and other financial institutions to immediately freeze accounts, funds and assets linked to six individuals and four Bureau de Change (BDC) operators over alleged terrorism financing activities.

The directive follows recent sanctions imposed by the Nigeria Sanctions Committee (NIGSAC) and the Office of Foreign Assets Control (OFAC).

According to a circular signed by Olubunmi Ayodele-Oni on behalf of the Director of the Compliance Department, the sanctions are binding and require immediate implementation.

Full List of Individuals Ordered Frozen

• Muktar Muhammad Adamu
• Babangida Muhammed Adamu Hammajam
• Abdullahi Umar Usman
• Ibrahim Abubakar
• Adamu Chiroma
• Yakubu Ogirima Ibrahim

Full List of Affected Bureau de Change Operators

• Generation Currency Bureau de Change Limited
• Manhattan Bureau de Change Limited
• Nine to Nine Exchange Bureau de Change Limited
• Abbal Bako & Sons Bureau de Change Limited

The apex bank directed financial institutions to identify and freeze, without prior notice, all funds, assets and economic resources belonging to or controlled directly or indirectly by the designated individuals and entities.

The directive also extends to companies and organisations that are 50 per cent or more owned or controlled by the sanctioned persons.

In addition, banks were ordered not to make available any funds, financial services or economic resources to the affected individuals and entities, either directly or indirectly.

To ensure compliance, the CBN instructed financial institutions to immediately file Suspicious Transaction Reports (STRs) with the Nigerian Financial Intelligence Unit (NFIU) for any confirmed or attempted transactions involving the designated persons.

Banks and other regulated institutions have also been directed to submit compliance reports within 48 hours, detailing:

• Whether any matches were found;
• The number of affected accounts;
• The amounts frozen or restricted; and
• Actions taken by the institution.

Even institutions that record no matches are required to submit mandatory nil returns.

The CBN further directed banks to strengthen monitoring systems for terrorism financing risks, including unusual fund movements, structured transactions, the use of money service businesses and dealings involving high-risk jurisdictions.

The regulator warned that false declarations or misleading information would constitute regulatory breaches punishable under the Banks and Other Financial Institutions Act (BOFIA) 2020 and other applicable laws.

The latest directive comes as Nigerian and international authorities intensify efforts to disrupt financial networks allegedly linked to extremist activities and terrorism financing in the country.