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By Amah<\/p>\n
Kindly share:<\/p>\n
The Central Bank of Nigeria (CBN) has ordered the immediate freezing of all accounts, assets, and financial transactions linked to six individuals and four Bureau De Change (BDC) operators over alleged involvement in terrorism financing.<\/p>\n
The directive, contained in a circular dated June 24, follows an update to the Nigeria Sanctions List and is binding on all commercial banks, payment service banks, microfinance institutions, fintech firms, and other regulated financial institutions across the country.<\/p>\n
According to the apex bank, affected institutions must immediately identify and freeze, without prior notice, all funds, assets, and economic resources belonging to or controlled, directly or indirectly, by the designated individuals and entities.<\/p>\n
The move forms part of Nigeria’s ongoing efforts to strengthen anti-money laundering measures and disrupt financial networks suspected of supporting terrorist organisations operating within and beyond the country’s borders.<\/p>\n
The six individuals added to the sanctions list are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, and Yakubu Ogirima Ibrahim.<\/p>\n
Also sanctioned are four Nigeria-based Bureau De Change operators allegedly owned or controlled by the designated persons: 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.<\/p>\n
The sanctions equally apply to any company or business entity that is 50 per cent or more owned, whether individually or collectively, by any of the blacklisted persons.<\/p>\n
The CBN instructed financial institutions to ensure that no funds, financial services, assets, or economic resources are made available to the sanctioned individuals and organisations, either directly or through intermediaries.<\/p>\n
Institutions are also required to file reports on compliance with the directive and maintain heightened surveillance to prevent attempts to circumvent the sanctions.<\/p>\n
The regulator warned that any institution found providing false, inaccurate, or misleading information regarding compliance could face penalties under the Banks and Other Financial Institutions Act (BOFIA) 2020 and other applicable regulations.<\/p>\n
The latest sanctions stem from coordinated actions by the Nigeria Sanctions Committee and the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) under an amended executive order targeting terrorism financing networks.<\/p>\n
The action follows earlier sanctions imposed by U.S. authorities on Lagos-based BDC operator Mukhtar Muhammad and companies allegedly under his control.<\/p>\n
According to U.S. investigators, Muhammad and the affected firms were involved in facilitating financial transactions and money transfers for the Islamic State West Africa Province (ISWAP), a terrorist group operating in the Lake Chad region and recognised as an affiliate of the Islamic State.<\/p>\n
American authorities alleged that the companies were used as financial channels through which funds were moved on behalf of the extremist organisation.<\/p>\n
The latest crackdown highlights increasing domestic and international scrutiny of Nigeria’s Bureau De Change industry, which has long faced concerns over regulatory compliance, illicit financial flows, money laundering, and terrorism financing risks.<\/p>\n
In recent years, Nigerian authorities have intensified efforts to strengthen oversight of the financial sector through tighter Know Your Customer (KYC) requirements, enhanced reporting obligations, and collaboration with international partners to track and dismantle illicit financial networks.<\/p>\n
Analysts say the latest sanctions demonstrate a renewed commitment by Nigerian regulators to safeguard the integrity of the country’s financial system and prevent the misuse of financial institutions by criminal and terrorist organisations.<\/p>\n
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