….Freezes one BDC

By Emma Ujah, Abuja Bureau Chief

The Central Bank of Nigeria (CBN) has directed the immediate freezing of bank accounts belonging to five individuals and one Bureau de Change (BDC) over alleged links to terrorism financing.

The directive was contained in a circular dated June 24, 2026, with reference number CMD/FCS/PUB/CIR/002/01, addressed to all banks, payment service banks and other financial institutions regulated under the Banks and Other Financial Institutions Act (BOFIA) 2020.

The circular, 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.

Those listed in the sanctions directive are Adamu Ciroma, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar and Yakubu Ogirima Ibrahim.

Muktar Muhammad Adamu, whose name had earlier appeared on a sanctions list, was also included in the latest circular.

According to the apex bank, the Nigeria Sanctions List was updated on June 18, 2026, and the new designations constitute binding sanctions measures that must be implemented immediately by all regulated institutions.

The CBN also ordered the freezing of all accounts linked to Abbal Bako & Sons Bureau de Change Limited and directed that the company be barred from conducting any transactions within Nigeria’s financial system.

The circular instructed financial institutions to identify and immediately freeze, without prior notice, all funds, assets and economic resources belonging to, owned, held or controlled directly or indirectly by the designated individuals and entity.

It further directed that assets owned 50 per cent or more, individually or collectively, by any of the designated persons must also be frozen.

The apex bank ordered banks and other financial institutions to screen all incoming and outgoing transactions against the updated sanctions lists, including known aliases and identifiers.

It stressed that no funds, financial services or economic resources should be made available, directly or indirectly, to any of the designated persons or entities.

The CBN also directed financial institutions to immediately file Suspicious Transaction Reports (STRs) with the Nigerian Financial Intelligence Unit (NFIU) for any confirmed or attempted matches and submit corresponding reports to the apex bank.

In addition, banks were instructed to provide the CBN with details of affected accounts, amounts frozen or restricted, and actions taken within 48 hours of receiving the circular.

The regulator further urged financial institutions to strengthen monitoring mechanisms for terrorism financing risks, including structured transactions, rapid movement of funds, the use of money service businesses and bureaux de change, as well as transactions involving high-risk jurisdictions.

The CBN warned that all reports submitted in compliance with the directive must be accurate, complete and verifiable.

It added that any false or misleading information would constitute a regulatory violation and attract sanctions under BOFIA 2020 and other applicable laws.

The apex bank said it would conduct off-site reviews, on-site examinations and supervisory engagements to verify compliance with the directive.

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