CBN Freezes Accounts of Individuals Linked to Terrorism

The Central Bank of Nigeria (CBN) has frozen the accounts of five individuals, including Adamu Ciroma and Ogirima, as part of measures against terrorism financing. This decision is linked to a circular issued by the CBN, which follows a designation by the U.S.

Department of State that identified these individuals and three companies as financial facilitators for the Islamic State in Iraq and Syria (ISIS). The U.S.

Treasury's Office of Foreign Assets Control (OFAC) executed Order 13224, amending the terrorism financing sanctions list to include these individuals. The CBN's updated sanctions list took effect on June 18, 2026, mandating financial institutions to implement these measures without delay.

The CBN has ordered banks to freeze funds and assets belonging to the designated individuals and entities, prohibiting any financial services or resources from being made available to them. Additionally, financial institutions are required to file suspicious transaction reports to the Nigerian Financial Intelligence Unit (NFIU) within 48 hours of identifying any transactions linked to these individuals.