CBN Freezes Accounts of Six Terror Suspects Amid Sanctions

The Central Bank of Nigeria (CBN) has directed financial institutions to immediately freeze the accounts of six individuals identified as terror suspects. This directive follows a circular issued on June 24, 2026, in compliance with sanctions from the U.S.

Department of the Treasury. The individuals named in the sanctions include Muktar Muhammad, Adamu Babangida, Muham Adamu, Hammajam Abdullahi, Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Yakubu Ogirima, and Ibrahim.

The CBN's action is in response to updates to the U.S. terrorism financing sanctions list, which was amended on June 18, 2026. Financial institutions are required to screen existing accounts against this updated list and report any suspicious transactions to the Nigerian Financial Intelligence Unit within 48 hours.

The CBN emphasized that no funds should be made available to the sanctioned individuals or entities, and failure to comply with these regulations will result in sanctions under the Banking and Other Financial Institutions Act of 2020.