The Central Bank of Nigeria (CBN) has ordered financial institutions to immediately restrict access to accounts associated with five individuals and one Bureau de Change firm suspected of financing terrorism. This mandate, outlined in a circular dated June 24, 2026, applies to all banks and payment service providers operating under the 2020 Banks and Other Financial Institutions Act.
Signed by Olubunmi Ayodele-Oni for the CBN, the directive identifies Adamu Ciroma, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, and Yakubu Ogirima Ibrahim as targets of the new sanctions. Muktar Muhammad Adamu was also included in the order, which aligns with updates to the Nigeria Sanctions List made on June 18, 2026. Additionally, Abbal Bako & Sons Bureau de Change Limited faces a complete ban on financial transactions within the country.
Financial entities are required to freeze all assets, funds, and economic resources held by these parties, including any holdings where they possess a stake of 50 percent or more. The CBN mandates that banks must screen all transactions for links to these individuals and submit Suspicious Transaction Reports to the Nigerian Financial Intelligence Unit. Institutions must report the status of these accounts to the CBN within 48 hours. The regulator emphasized that it will actively monitor compliance through site visits and audits, warning that any provision of false information will result in legal penalties.
