Nigeria's banking regulator just sent a message that cannot be ignored.
The Central Bank of Nigeria (CBN) has ordered every bank and financial institution in the country to immediately freeze all accounts, funds, and assets connected to six individuals and four Bureau De Change (BDC) operators — over credible links to terrorism financing.
The directive was issued in a circular dated June 24, 2026.
What Triggered This
The action follows sanctions slapped by the United States Department of the Treasury's Office of Foreign Assets Control (OFAC) — the same agency that freezes assets of drug lords, arms dealers, and rogue states worldwide.
OFAC acted under Executive Order 13224, which targets individuals and organisations that support or finance terrorism globally.
The CBN says the latest update to the Nigeria Sanctions List, effective June 18, 2026, is now binding on every regulated institution — and compliance is not optional.
Who Is On the List
The six individuals added to the Specially Designated Nationals (SDN) and Blocked Persons List are:
| # | Name |
|---|---|
| 1 | Muktar Muhammad Adamu |
| 2 | Babangida Muhammed Adamu Hammajam |
| 3 | Abdullahi Umar Usman |
| 4 | Ibrahim Abubakar |
| 5 | Adamu Chiroma |
| 6 | Yakubu Ogirima Ibrahim |
The four BDC businesses linked to these individuals 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
All four are Nigeria-based money service businesses.
The ISWAP Connection
At the centre of this is Muktar Muhammad Adamu — a Lagos-based BDC operator also known as Mukhtar Adamu Muhammad.
OFAC directly accused him of facilitating financial transactions on behalf of the Islamic State West Africa Province (ISWAP) — the West African arm of the Islamic State terrorist group.
Three of his businesses — Nine to Nine Exchange, Generation Currency, and Manhattan Bureau De Change — were allegedly used as channels to move funds for the terrorist organisation.
That is not a minor allegation. ISWAP has been responsible for deadly attacks across the Lake Chad Basin and Northeast Nigeria. Cutting off its funding pipeline is a national security priority.
What Banks Must Do Right Now
The CBN directive leaves no room for delay. Banks and all regulated financial institutions are required to:
- Identify all accounts, funds, and economic resources belonging to or controlled by the listed persons and entities
- Freeze them immediately — without prior notice to the account holders
- Deny access to any financial services, funds, or economic resources — directly or indirectly
The freeze also extends to any company that is 50% or more owned — individually or collectively — by any of the sanctioned persons.
In plain terms: if a sanctioned individual owns half of any business, that business is also locked out.
Why This Matters Beyond the Headlines
Bureau De Change operators sit at a sensitive junction in Nigeria's financial system. They handle foreign exchange, cross-border transfers, and cash transactions — often with limited oversight compared to commercial banks.
That makes them attractive to bad actors looking to move money quietly.
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This latest crackdown is part of a broader global effort to shut down terror financing networks that operate through legitimate-looking financial businesses. The Nigeria Sanctions Committee (NIGSAC) working alongside OFAC signals that Nigeria is tightening coordination with international financial watchdogs.
For everyday Nigerians using BDC services, understanding how to use regulated digital platforms safely has never been more important. Our guide on how to save money on OPay covers safer, traceable ways to manage your naira digitally. And for those navigating the broader landscape of digital financial tools in Nigeria, our cybersecurity and finance guide is worth a read.
The Bigger Picture
Nigeria has faced growing international pressure to clean up its financial system. The country was grey-listed by the Financial Action Task Force (FATF) in 2023, which put pressure on banks, regulators, and the government to demonstrate stronger anti-money laundering and counter-terrorism financing controls.
Actions like this CBN directive are part of Nigeria's ongoing effort to exit that grey list and rebuild confidence in its financial system.
According to Reuters, OFAC sanctions have increasingly targeted African-based networks financing extremist groups across the Sahel and Lake Chad region. A Bloomberg report on FATF compliance noted that countries that fail to act on designated individuals risk being cut off from correspondent banking relationships with major global banks — a consequence that would be devastating for Nigeria's trade finance sector.
The CBN's message is clear: Nigeria's financial system will not be used as a pipeline for terrorism. Every regulated institution now has a legal obligation to act — and act fast.
Reported by the WealthBlueprint NewsDesk | June 25, 2026