The Central Bank of Nigeria (CBN) has instructed all banks, payment service banks, and other financial institutions to immediately freeze accounts, assets, and transactions linked to six people and four Bureau de Change (BDC) operators.
The directive, which is a part of CBN’s efforts to destroy terrorism financing networks, shows the apex bank’s commitment to national security and international compliance standards.
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Details of the CBN’s Directive
A CBN circular, dated June 24, 2026, and referenced as CMD/FCS/PUB/CIR/002/011, references an update to the Nigeria Sanctions List that became effective on June 18, 2026.
According to the circular, financial institutions must now:
- Freeze all identified accounts and assets without delay.
- Halt any associated transactions.
- Report relevant details to the appropriate authorities, which include the Nigerian Financial Intelligence Unit (NFIU).
This action shows a close connection with international partners. It particularly follows designations by the United States Treasury targeting people and entities accused of channelling funds to groups like the Islamic State West Africa Province (ISWAP).
Names of the Individuals and BDC Sanctioned
1. Muktar Muhammad Adamu (also known as Mukhtar Adamu Muhammad, Mukhtar Muhammad Adamu, or Adamu Mukhtar)
2. Babangida Muhammed Adamu Hammajam
3. Abdullahi Umar Usman
4. Ibrahim Abubakar
5. Adamu Chiroma
6. Yakubu Ogirima Ibrahim (also referred to as Ibrahim Yakubu Ogirima)
7. Generation Currency Bureau De Change Limited (or Generation BDC Limited)
8. Manhattan Bureau De Change Limited
9. Nine to Nine Exchange Bureau De Change Limited (or Nine to Nine BDC)
10. Abbal Bako & Sons Bureau De Change Limited
Several of these entities, particularly those associated with Muktar Muhammad Adamu, were also sanctioned by the US Treasury’s OFAC for alleged links to ISWAP financing networks operating through Lagos and Kano.
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Why Have BDCs Been Targeted?
Nigeria faces significant security challenges from insurgent and terrorist groups in various regions.
BDCs have long been a point of regulatory focus due to their role in foreign exchange transactions. These transactions can sometimes be exploited for illicit fund transfers. According to CNBC Africa, the involvement of multiple operators in this latest sanctions update highlights vulnerabilities in informal financial channels.
The directive also comes amid Nigeria’s push to strengthen its AML/CFT regime, including efforts related to the Financial Action Task Force (FATF) monitoring processes. With this, the CBN aims to prevent the misuse of the formal banking system and protect the integrity of Nigeria’s financial sector.
For the affected people and businesses, the freeze means an immediate cutoff from financial services. Institutions that fail to comply risk severe regulatory sanctions, including fines or other enforcement actions.
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