The Central Bank of Nigeria (CBN) has directed banks, payment service banks, fintech firms and other financial institutions to immediately freeze all accounts, assets and transactions linked to individuals and Bureau De Change (BDC) operators suspected of financing terrorism.
The directive, contained in a circular dated June 24, 2026, mandates financial institutions to identify and place restrictions on all accounts associated with six individuals and four BDC operators listed by the Nigerian authorities over alleged terrorism financing activities.
According to the apex bank, the action is in line with the provisions of the Terrorism (Prevention and Prohibition) Act, 2022, and forms part of ongoing efforts to strengthen Nigeria’s anti-money laundering and counter-terrorism financing framework.
The affected financial institutions were directed to freeze, without prior notice, all funds, assets and other economic resources belonging to the designated persons and entities, while also reporting any action taken to the relevant authorities. The restrictions extend to accounts directly or indirectly linked to the suspects, including those operated on their behalf.
The move follows recent sanctions imposed by both the Nigerian government and the United States against several individuals and businesses accused of facilitating financial transactions for terrorist organisations. Among those named are Lagos-based BDC operators and companies allegedly involved in channeling funds to extremist groups.
The CBN warned financial institutions to ensure strict compliance with the directive, stressing that failure to do so could attract regulatory sanctions. The latest action underscores the government’s renewed commitment to denying terrorist groups access to Nigeria’s financial system and strengthening national security.
