The Central Bank of Nigeria (CBN) has directed all banks, financial institutions, and other regulated entities across the country to immediately freeze the accounts and assets of several individuals and a Bureau de Change (BDC) over alleged links to terrorism financing. The directive, which was issued through an official circular to financial institutions, forms part of ongoing efforts by the Nigerian authorities to strengthen the country’s anti-money laundering and counter-terrorism financing framework.
According to the circular, financial institutions are required to identify and freeze all funds, assets, and economic resources belonging to or controlled by the designated individuals and entity. The affected persons were listed following an update to the Nigeria Sanctions List, a regulatory mechanism used to monitor and restrict the activities of individuals and organizations suspected of involvement in terrorism financing and other related offenses.
The individuals named in the directive include Adamu Ciroma, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, and Yakubu Ogirima Ibrahim. In addition, Muktar Muhammad Adamu, who had previously appeared on a sanctions list, was also included in the latest enforcement action. Authorities have instructed banks to ensure that any accounts, investments, financial instruments, or other assets linked directly or indirectly to the listed persons are frozen without delay.
The CBN emphasized that the directive is binding on all financial institutions operating within Nigeria. Banks are expected to prevent the affected individuals and entity from accessing funds or carrying out transactions through the formal financial system. The order also extends to assets that may be jointly owned or controlled by the listed persons, as well as funds held on their behalf by third parties.
As part of the compliance requirements, financial institutions have been directed to carry out immediate checks across their customer databases to determine whether any of the listed individuals or entities maintain accounts or have financial relationships with them. Where matches are identified, institutions are required to take swift action to restrict access to the accounts and report their findings to the appropriate regulatory and intelligence agencies.
The CBN further instructed banks and other regulated entities to submit reports detailing the actions taken in response to the directive. These reports are expected to include information on affected accounts, balances, attempted transactions, and any other relevant details that may assist ongoing investigations.
Institutions are also required to report attempted transactions involving the designated persons, even where no active account relationship exists.
In addition to the individuals named in the circular, the sanctions extend to Abbal Bako & Sons Bureau de Change Limited.
The company has been barred from conducting transactions within Nigeria’s financial system, and any assets or financial resources linked to it are to be frozen in accordance with the directive. Financial institutions have been warned against facilitating transactions on behalf of the company or allowing it access to banking services while the sanctions remain in effect.
The latest action underscores Nigeria’s commitment to combating terrorism financing and strengthening compliance with international standards on financial crime prevention. Over the years, regulatory authorities have intensified efforts to monitor suspicious financial activities, improve information sharing among institutions, and enforce sanctions against individuals and organizations deemed to pose risks to national security and financial stability.
Analysts note that measures such as asset freezes and transaction restrictions are commonly used by governments and financial regulators around the world to disrupt the flow of funds to individuals or groups suspected of supporting terrorist activities. By cutting off access to financial resources, authorities aim to reduce the capacity of such networks to operate and fund their activities.
The CBN reiterated that all regulated institutions must ensure strict compliance with the directive and relevant anti-money laundering and counter-terrorism financing regulations. Failure to comply may attract regulatory sanctions and penalties. The development highlights the continued collaboration between financial regulators, intelligence agencies, and law enforcement authorities in addressing security threats and protecting the integrity of Nigeria’s financial system. Visit www.jocomms.com for more news.
