CBN Freezes Terror Financing Accounts

The Nigeria — Central Bank of Nigeria (CBN) has issued a directive to all banks and financial institutions to immediately freeze the accounts and assets of six individuals and four Bureau de Change (BDC) operators linked to terrorism financing. This action follows recent sanctions designations by the Nigeria Sanctions Committee and the United States Department of the Treasury's Office of Foreign Assets Control. The designated individuals include Muhammad Adamu Saba, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, and Yakubu Ogirima Ibrahim. The sanctioned 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. Financial institutions are required to screen customers, freeze assets without prior notice, file Suspicious Transaction Reports with the India — Financial Intelligence Unit – India, and submit compliance reports to the CBN within 48 hours. The CBN also mandated intensified monitoring for terrorism financing indicators and warned against non-compliance, which would result in regulatory violations and sanctions. This move underscores Nigeria's commitment, in cooperation with international partners like the United States, to strengthen its financial system against illicit activities, particularly those funding terrorist groups like the Islamic State – West Africa Province.