Implementation of Sanctions Designations – NIGSAC and OFAC (E.O. 13224, As Amended)

Central Bank of Nigeria
Compliance Department
Plot 33, Abubakar Tafawa Balewa Way,
Central Business District, P.M.B. 0187, Garki Abuja Telephone:
Email:cmd@cbn.gov.ng
Website: www.cbn.gov.ng
CMD/FCS/PUB/CIR/002/011 June 24, 2026
CIRCULAR TO ALL BANKS, PAYMENT SERVICE BANKS AND OTHER FINANCIAL INSTITUTIONS (as defined under BOFIA, 2020) IMPLEMENTATION OF SANCTIONS DESIGNATIONS – NIGSAC AND OFAC (E.O. 13224, AS AMENDED) The Central Bank of Nigeria (CBN) hereby notifies all banks and other financial institutions of recent sanctions designations issued by the Nigeria Sanctions Committee (NIGSAC) and the United States Department of the Treasury, Office of Foreign Assets Control (OFAC) pursuant to Executive Order 13224 (as amended), relating to terrorism and terrorism financing. The Nigeria Sanctions List has been updated as at June 18, 2026. These designations constitute binding sanctions measures requiring immediate implementation by all regulated entities Designated Person and Entities The following individuals have been designated and included on the Specially Designated Nationals (SDN) and Blocked Persons List:
i. Muktar Muhammad Adamu
ii. Babangida Muhammed Adamu Hammajam
iii. Abdullahi Umar Usman
iv. Ibrahim Abubakar
v. Adamu Chiroma
vi. Yakubu Ogirima Ibrahim
The following Nigeria-based Money Service Businesses (MSBs) / Bureaux de Change (BDCs), have also been designated as owned or controlled by the above individuals:
i. Generation Currency Bureau de Change Limited
ii. Manhattan Bureau de Change Limited

iii. Nine to Nine Exchange Bureau de Change Limited
iv. Abbal Bako & Sons Bureau de Change Limited
MANDATORY SANCTIONS MEASURES
All Financial Institutions are required to implement the following:
I. Screening and Identification
Immediately screen:
a. Existing customers and accounts b. Beneficial owners
c. Transactions (incoming and outgoing) against the updated sanctions lists,
including known aliases and identifiers.
II. Immediate Asset Freezing (Without Delay)
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, including those owned 50 percent or more, individually or collectively.
III. Prohibition of Dealings
Ensure that no funds, financial services, or economic resources are made available, directly or indirectly, to or for the benefit of the designated persons or entities.
IV. Reporting Obligations:
a. Reporting to the NFIU
File Suspicious Transaction Reports (STRs) immediately for any confirmed or attempted matches. b. Reporting to the CBN Submit a report within 48 hours of this Circular to cmd.financialcrime@cbn.gov.ng, detailing:
o Match status (positive or negative) o Details of affected accounts o Amounts frozen/restricted o Actions taken Nil returns are mandatory where no matches are identified.
V. Enhanced Monitoring
Intensify monitoring for terrorism financing indicators, including:

a. Structuring and rapid movement of funds b. Use of MSBs/BDCs and informal channels
c. Transactions involving high-risk jurisdictions
VI. Lookback Review
Conduct a comprehensive retrospective review to identify past or attempted transactions or relationships linked to the designated parties. Compliance and Enforcement All submissions must be accurate, complete, and verifiable. Any false or misleading information shall constitute a regulatory violation and will attract sanctions under BOFIA 2020 and other applicable laws. The CBN will conduct off-site reviews, on-site examinations, and supervisory engagements to verify compliance. This circular takes immediate effect. OLUBUNMI AYODELE-ONI FOR: DIRECTOR, COMPLIANCE DEPARTMENT