CBN sanctions six individuals, four BDCs over terror links

The Central Bank of Nigeria (CBN) has directed banks, payment service banks and other regulated financial institutions to immediately freeze all accounts, assets and transactions linked to six individuals and four Bureau De Change (BDC) operators over alleged terrorism financing activities.

The directive was contained in a circular dated June 24, 2026, following an update to the Nigeria Sanctions List by the Nigeria Sanctions Committee (NIGSAC).

According to the apex bank, the sanctions took effect on June 18 and are mandatory for all regulated financial institutions.

The affected BDC operators are 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.

CBN instructed financial institutions to identify and freeze, without prior notice, all funds, assets and economic resources belonging to or controlled by the designated individuals and entities.

The regulator also directed institutions to ensure that no financial services, funds or economic resources are made available to the sanctioned persons or organisations, either directly or indirectly.

“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 per cent or more by designated persons,” the CBN stated.

The circular further advised financial institutions to file Suspicious Transaction Reports with the Nigerian Financial Intelligence Unit (NFIU) where necessary and maintain strict compliance with anti-money laundering and counter-terrorism financing regulations.

The move follows recent sanctions imposed by the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) against Lagos-based Bureau De Change operator Mukhtar Muhammad over alleged links to terrorism financing.

OFAC accused Muhammad of facilitating financial transactions on behalf of the Islamic State West Africa Province (ISWAP) and also sanctioned three companies allegedly connected to him, including Nine To Nine Exchange Bureau De Change Limited, Generation Currency Bureau De Change Limited and Manhattan Bureau De Change Limited.

The latest sanctions form part of broader efforts by Nigerian authorities and international partners to disrupt financial networks linked to terrorism, strengthen financial system integrity and prevent illicit funds from supporting extremist activities.

Analysts say the development highlights growing cooperation between Nigeria and global partners in combating terrorism financing and enforcing international compliance standards across the financial sector.