The Central Bank of Nigeria (CBN) has directed all banks and other financial institutions to immediately freeze the accounts, assets and transactions of individuals and Bureau De Change (BDC) operators linked to alleged terrorism financing.
The directive was contained in a circular dated June 24, 2026, following updates to the Nigeria Sanctions List and recent sanctions imposed by the United States Office of Foreign Assets Control (OFAC).
“Financial institutions are to identify and immediately freeze, without prior notice, all funds, assets and economic resources belonging to the designated persons and entities,” the CBN said.
The apex bank said the directive affects six individuals and four Bureau De Change operators listed for alleged involvement in financing terrorist activities.
The designated BDC operators include 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.
The move follows sanctions announced by the United States against Mukhtar Muhammad and companies allegedly linked to him over claims of financing the Islamic State West Africa Province (ISWAP).
The CBN also instructed financial institutions to ensure that no funds, financial services or economic resources are made available to the affected individuals or entities, whether directly or indirectly.
The directive further extends to companies that are at least 50 per cent owned or controlled by the sanctioned persons.
Source: Central Bank of Nigeria (CBN) / Channels Television
