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The Central Bank of Nigeria (CBN) has instructed financial institutions across the country to immediately restrict the accounts and assets of five Bureau de Change individuals and companies after they were designated under terrorism financing sanctions.
The directive was conveyed in a circular issued on June 24, 2026 and distributed to commercial banks, payment service banks and other institutions operating under the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020.
The document, referred to as CMD/FCS/PUB/CIR/002/01 and entitled “Implementation of Sanction Determinations – NIGSAC and OFAC (EO 13224, as Amended),” was signed by Olubunmi Ayodele-Oni on behalf of the Director of the CBN Compliance Department.
The people named in the sanctions directive include Adamu Ciroma, Babangida Muhammad Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar and Yakubu Ogirima Ibrahim.
Also listed in the updated sanctions notice is Muktar Muhammad Adamu, whose name previously appeared in the previous sanctions list.
According to the apex bank, this latest action follows the update of the Nigerian Sanctions List on June 18, 2026, which made the new names subject to mandatory enforcement action by all regulated financial institutions.
In addition to the listed individuals, the CBN also sanctioned Abbal Bako & Sons Bureau de Change Limited, directing banks and other operators in the financial system to halt all transactions involving the company.
The circular requires institutions to immediately identify and freeze, without prior notification, any accounts, assets, funds or economic resources owned, controlled or controlled directly or indirectly by designated persons and entities.
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The regulator further stated that any assets in which the affected persons have ownership of 50 percent or more—either individually or jointly—should also be subject to the freeze order.
As part of compliance measures, banks and financial institutions were instructed to intensify screening of all incoming and outgoing transactions against updated sanctions databases, including the use of pseudonyms, alternative identities and other identifying information.
The order emphasizes that no financial services, funds, or economic resources shall be provided, either directly or indirectly, to any sanctioned individual or organization.
The CBN also ordered institutions to file a Suspicious Transaction Report (STR) with the Nigerian Financial Intelligence Unit (NFIU) whenever a confirmed or attempted match is identified and forward the relevant report to the apex bank.
Financial institutions are further directed to provide a detailed report within 48 hours, including information regarding affected accounts, amounts frozen or restricted, and actions taken to comply with the sanction order.
The regulator urged banks to strengthen internal controls and monitoring systems aimed at detecting terrorism financing activities, particularly transactions involving unusual movements of funds, structured deposits, money service operators, bureau de change and transactions related to jurisdictions deemed high risk.
The circular warns that all reports submitted in response to the directive must be complete, accurate and verifiable, noting that submission of false or misleading information would constitute a violation of regulatory requirements.
According to the CBN, such violations are punishable under BOFIA 2020 and other related laws.
The apex bank added that compliance with the sanctions directives will be monitored through a combination of off-site monitoring, on-site inspections and supervisory engagement with regulated institutions.
