The Central Bank of Nigeria has instructed banks, Payment Service Banks, and other regulated financial institutions to immediately place restrictions on the accounts and assets of individuals and organisations linked to terrorism and terrorism financing.
According to The Punch, the directive was conveyed in a circular dated June 24, 2026, issued by the CBN’s Compliance Department to institutions operating under the provisions of the Banks and Other Financial Institutions Act 2020.
The apex bank explained that the move followed fresh sanctions imposed by the Nigeria Sanctions Committee and the United States Department of the Treasury’s Office of Foreign Assets Control under Executive Order 13224, as amended.
“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,” the CBN said.
The updated sanctions list includes six individuals and four Bureau de Change operators identified under the terrorism financing sanctions framework.
As part of the directive, financial institutions were ordered to conduct immediate checks on their customer databases, beneficial owners, and all incoming and outgoing transactions using the revised sanctions lists.
The CBN further instructed banks 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, including those owned 50 per cent or more, individually or collectively.”
In addition, financial institutions were prohibited from providing funds, financial services, or any form of economic resources, whether directly or indirectly, to the affected persons and entities.
The regulator also directed institutions to submit Suspicious Transaction Reports to the Nigerian Financial Intelligence Unit for any confirmed or attempted matches.
Compliance reports detailing affected accounts, frozen funds, and actions taken must be submitted to the CBN within 48 hours, while institutions with no matches are required to file nil returns.
The CBN cautioned that inaccurate or deceptive compliance reports would attract regulatory penalties.
“Any false or misleading information shall constitute a regulatory violation and will attract sanctions under BOFIA 2020 and other applicable laws,” the circular stated.
The bank added that it would intensify oversight through off-site monitoring, on-site inspections, and supervisory engagements to ensure strict adherence to the directive, which took effect immediately.
