The Central Bank of Nigeria (CBN) has instructed financial institutions across the country to immediately place restrictions on the accounts and assets of five individuals and a Bureau de Change company following their designation 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, referenced CMD/FCS/PUB/CIR/002/01 and titled “Implementation of Sanctions Designations – NIGSAC and OFAC (E.O. 13224, as Amended),” was signed by Olubunmi Ayodele-Oni on behalf of the Director of the CBN Compliance Department.
Individuals named in the sanctions directive include Adamu Ciroma, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar and Yakubu Ogirima Ibrahim.
Also listed in the updated sanctions notice is Muktar Muhammad Adamu, whose name had previously appeared on an earlier sanctions register.
According to the apex bank, the latest action follows an update to the Nigeria Sanctions List on June 18, 2026, making the newly designated names subject to mandatory enforcement measures by all regulated financial institutions.
Beyond the individuals listed, the CBN also sanctioned Abbal Bako & Sons Bureau de Change Limited, directing banks and other operators within the financial system to halt all transactions involving the company.
The circular requires institutions to immediately identify and freeze, without prior notification, every account, asset, fund or economic resource owned, controlled or held directly or indirectly by the designated persons and entity.
The regulator further stated that any asset in which the affected persons hold a 50 per cent or greater ownership interest—whether individually or jointly—must also be subjected to the freezing order.
As part of compliance measures, banks and financial institutions were instructed to intensify screening of all incoming and outgoing transactions against the updated sanctions database, including the use of known aliases, alternate identities and other identifying information.
The directive emphasised that no financial services, funds or economic resources should be made available, either directly or indirectly, to any of the sanctioned individuals or organisation.
The CBN also ordered institutions to file Suspicious Transaction Reports (STRs) with the Nigerian Financial Intelligence Unit (NFIU) whenever confirmed or attempted matches are identified and to forward related reports to the apex bank.
Financial institutions were further directed to provide detailed reports within 48 hours, including information on affected accounts, amounts frozen or restricted, and measures taken to comply with the sanctions order.
The regulator urged banks to strengthen internal controls and monitoring systems aimed at detecting terrorism financing activities, particularly transactions involving unusual fund movements, structured deposits, money service operators, bureaux de change and dealings connected to jurisdictions considered high-risk.
The circular warned that all reports submitted in response to the directive must be complete, accurate and verifiable, noting that the submission of false or misleading information would amount to a breach of regulatory requirements.
According to the CBN, such violations could attract penalties under BOFIA 2020 and other relevant laws.
The apex bank added that compliance with the sanctions directive would be monitored through a combination of off-site surveillance, on-site examinations and supervisory engagements with regulated institutions.
(Ripples)
