CBN Freezes Assets Linked to Terror Financing Network

On June 24, 2023, the Central Bank of Nigeria issued a directive to financial institutions to freeze accounts and assets associated with six individuals and four Bureau de Change operators linked to terrorism financing. This action follows fresh sanctions imposed by the U.S.

Department of the Treasury's Office of Foreign Assets Control, which amended an executive order to include these individuals on a special designation list. The individuals named are Muktar Muhammad, Adamu Babangida, Muham Adamu, Hammajam Abdullahi, Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Yakubu Ogirima, and Ibrahim.

The Central Bank's mandate requires financial institutions to identify and freeze assets without prior notice, ensuring no funds are made available to the sanctioned parties. This clampdown is part of a broader effort to strengthen anti-money laundering and counter-terrorism financing controls within Nigeria's financial system, particularly in the Bureau de Change sector, which has faced compliance concerns.