The Central Bank of Nigeria (CBN) has directed all financial institutions to immediately freeze the accounts and assets of six individuals and four Bureau De Change (BDC) operators designated for alleged terrorism financing.
The directive follows sanctions imposed by the Nigeria Sanctions Committee (NIGSAC) and the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) under Executive Order 13224, which targets terrorism and terrorism financing.
The six individuals named on the Specially Designated Nationals (SDN) and Blocked Persons List are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, and Yakubu Ogirima Ibrahim.
Also designated are four Nigeria-based money service businesses and BDCs: Generation Currency Bureau De Change Limited, Manhattan Bureau De Change Limited, Nine to Nine Exchange Bureau De Change Limited, and Abbal Bako & Sons Bureau De Change Limited.
In a circular to regulated financial institutions, the CBN ordered the immediate freezing of all funds, assets, and economic resources owned or controlled directly or indirectly by the sanctioned persons and entities, including businesses in which they hold a 50% or greater stake.
Banks have been instructed to screen customers, beneficial owners, and transactions against the updated sanctions lists and are prohibited from providing funds, financial services, or other economic resources to the designated individuals and entities.
The apex bank also directed institutions to file Suspicious Transaction Reports (STRs) with the Nigerian Financial Intelligence Unit (NFIU) for any confirmed or attempted matches.
Compliance reports detailing affected accounts, amounts frozen, and actions taken must be submitted to the CBN within 48 hours, while institutions with no matches are required to file nil returns.
The move forms part of Nigeria’s ongoing efforts to strengthen measures against terrorism financing and enforce international sanctions compliance.
Credit: Legit.ng
