CBN Freezes Assets Linked to Terrorism Financing

On June 24, 2026, the Central Bank of Nigeria (CBN) issued a directive to freeze the accounts and assets of six individuals and four Bureau de Change (BDC) operators suspected of involvement in terrorism financing. This action follows a circular referencing sanctions that took effect on June 18, 2026, as part of the U.S.

Department of the Treasury's efforts to combat terrorism financing. The individuals named include Muktar Muhammad, Adamu Babangida, Muham Adamu, Hammajam Abdullahi, Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Yakubu Ogirima, and Ibrahim.

The CBN instructed financial institutions to identify and freeze any funds or economic resources belonging to these individuals without prior notice. The sanctions target BDC operators in Lagos, with specific firms accused of facilitating financial transactions for the Islamic State West Africa Province (ISWAP).

The CBN's directive underscores ongoing efforts to disrupt financial networks supporting terrorism in the region.