The Central Bank of Nigeria (CBN) has issued a strict directive ordering all banks, payment service providers, and financial institutions to immediately freeze the accounts and assets of six individuals and four Bureau De Change (BDC) operators.
This aggressive move follows an immediate update to the Nigeria Sanctions List, which was done in close coordination with the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC). The named individuals and firms are allegedly linked to terrorism financing, specifically funneling funds for the Islamic State West Africa Province (ISWAP).
The CBN circular mandates all financial platforms to block these assets without prior notice and block any transaction linked to them. Banks have also been given a strict 48-hour deadline to pull up past transaction histories and report back to the apex bank.
The 6 Blacklisted Individuals are:
- Muktar Muhammad Adamu (Alleged core facilitator of ISWAP funds)
- Babangida Muhammed Adamu Hammajam
- Abdullahi Umar Usman
- Ibrahim Abubakar
- Adamu Chiroma
- Yakubu Ogirima Ibrahim
The 4 Sanctioned BDC Operators are:
- Generation Currency Bureau De Change Limited
- Manhattan Bureau De Change Limited
- Nine to Nine Exchange Bureau De Change Limited
- Abbal Bako & Sons Bureau De Change Limited
The CBN has also warned that any bank providing financial services to these listed entities will face severe regulatory penalties under BOFIA 2020.
