The Central Bank of Nigeria (CBN) has directed all banks, payment service providers, and other regulated financial institutions to immediately freeze the accounts, assets, and transactions of six individuals and four Bureau De Change (BDC) operators designated for alleged involvement in terrorism financing.
The directive, contained in a circular dated June 24, follows the latest update to the Nigeria Sanctions List and forms part of ongoing efforts by Nigerian authorities to disrupt financial networks linked to terrorist activities.
According to the CBN, the sanctions took effect on June 18 and must be implemented by all regulated institutions without delay.
The central bank noted that the new sanctions were issued by the Nigeria Sanctions Committee (NIGSAC) in collaboration with the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) under Executive Order 13224.
The affected BDCs are:
* Generation Currency Bureau De Change Limited
* Manhattan Bureau De Change Limited
* Nine to Nine Exchange Bureau De Change Limited
* Abbal Bako & Sons Bureau De Change Limited
Under the directive, financial institutions must identify and immediately freeze, without prior notice, all funds, assets, and economic resources owned or controlled directly or indirectly by the designated individuals and entities.
“The freezing obligation extends to all funds or other assets that are owned or controlled by designated persons and entities, and to entities owned, directly or indirectly, to the extent of 50 percent or more by designated persons,” the CBN circular stated.
The regulator further prohibited financial institutions from making any funds, financial services, or economic resources available to the sanctioned parties, either directly or through intermediaries.
Institutions were also instructed to file Suspicious Transaction Reports (STRs) with the Nigerian Financial Intelligence Unit (NFIU) and maintain strict compliance with anti-money laundering and counter-terrorism financing (AML/CFT) regulations.
The domestic directive follows recent sanctions imposed by the United States government on Mukhtar Muhammad, a Lagos-based BDC operator, over his alleged links to terrorism financing.
According to OFAC, Muhammad—also known as Mukhtar Adamu Muhammad—facilitated financial transactions and money transfers on behalf of the Islamic State West Africa Province (ISWAP), a regional affiliate of the Islamic State terror group operating in Nigeria and the Lake Chad Basin.
The U.S. agency previously designated three of the BDCs targeted by the CBN—Nine to Nine Exchange, Generation Currency, and Manhattan—alleging they were used by Muhammad to move and channel funds for the terrorist organization.
Financial analysts say the coordinated action underscores increasing cooperation between Nigerian authorities and international partners in tracking illicit financial flows. The move also comes amid intensified regulatory scrutiny and efforts by the CBN to strengthen oversight of the BDC sector, which remains vulnerable to money laundering and terrorism financing risks.
