CBN Freezes Accounts Over Terror Financing Allegations

On June 24, 2026, the Central Bank of Nigeria (CBN) instructed financial institutions across the country to freeze accounts belonging to five individuals and a Bureau de Change company, following allegations of terror financing. The directive was communicated through a circular referencing CMD FC Pub Cir 002 01, which mandates compliance with sanctions designed by the Nigeria Sanctions Committee (NIGSAC) and the Office of Foreign Assets Control (OFAC).

The individuals named in the sanctions include Adamu Ciroma, Babangida Muham, Hammajam Abdullahi, Umar Usman, Ibrahim Abubakar, Yakubu Ogirima, and Muktar Muhammad Adamu. The CBN emphasized that banks must identify and freeze all accounts and assets without prior notification, including those held indirectly or through ownership interests.

Financial institutions are required to file suspicious transaction reports to the Nigerian Financial Intelligence Unit (NFIU) upon confirming any matches with the identified individuals. The CBN's action is part of a broader effort to combat terror financing and ensure compliance with regulatory measures.