The apex bank gave the order through a circular dated June 24, 2026 (Ref: CMD/FCS/PUB/CIR/002/011).
The CBN said the latest update to the Nigeria Sanctions List, effective June 18, 2026, is binding on all regulated institutions and requires immediate implementation.
The CBN informed regulated entities of fresh sanctions issued by the Nigeria Sanctions Committee (NIGSAC) and the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) under Executive Order 13224, as amended, the circular stated.
The CBN's directive after recent allegation by the United States government of several Nigerians and Nigeria-based foreign exchange operators of facilitating financial transactions on behalf of the Islamic State West Africa Province (ISWAP).
In the circular signed by Olubunmi Ayodele-Oni on behalf of CBN's director of the Compliance Department, the apex bank named the individuals as Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma and Yakubu Ogirima Ibrahim.
The regulator also listed four Nigeria-based Money Service Businesses and Bureau de Change operators allegedly owned or controlled by the designated persons.
The BDCs include 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.
According to the CBN, the six individuals have been added to the Specially Designated Nationals (SDN) and Blocked Persons List.
It further directed financial institutions to “identify and immediately freeze, without prior notice, all funds, assets, and other economic resources belonging to, owned, held, or controlled, directly or indirectly, by the designated persons and entities.”
The directive followed recent sanctions imposed by the United States government on Mukhtar Muhammad, a Lagos-based BDC operator, and the three firms believed to have links with him.
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