The Central Bank of Nigeria (CBN) has directed banks, payment service banks and other financial institutions to immediately identify and freeze all accounts, funds and assets linked to six individuals and four bureaux de change (BDCs) sanctioned over alleged terrorism financing.
The directive, contained in a circular dated June 24 and signed by the CBN’s Compliance Department, follows sanctions imposed by the Nigeria Sanctions Committee (NIGSAC) and the United States Treasury’s Office of Foreign Assets Control (OFAC).
The six designated individuals are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma and Yakubu Ogirima Ibrahim. The affected BDCs are Generation Currency Bureau de Change Limited, Manhattan Bureau de Change Limited, Nine to Nine Exchange Bureau de Change Limited and Abbal Bako & Sons Bureau de Change Limited.
The CBN instructed financial institutions to immediately screen customers, beneficial owners and transactions against the updated sanctions list and freeze, without prior notice, all funds, assets and economic resources directly or indirectly linked to the designated individuals and entities.
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