Terrorism-linked accounts frozen

The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to immediately freeze the accounts and assets of individuals and companies designated for terrorism and terrorism financing, following fresh sanctions issued by Nigerian and US authorities. According to Punch, the directive was contained in a circular dated 24 June, issued by the CBN’s Compliance Department and addressed to all banks, Payment Service Banks and other financial institutions regulated under the Banks and Other Financial Institutions Act 2020. According to the circular, the action follows recent sanctions designations by the Nigeria Sanctions Committee and the US Department of the Treasury’s Office of Foreign Assets Control under Executive Order 13224, as amended, on terrorism and terrorism financing. The CBN listed six individuals designated under the sanctions regime as Muktar Adamu, Babangida Hammajam, Abdullahi Usman, Ibrahim Abubakar, Adamu Chiroma and Yakubu Ibrahim. It also named four Nigeria-based Bureau de Change operators designated as being owned or controlled by the individuals. They 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.

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