/ Nov 15, 2026
/ Nov 15, 2026

Just In: CBN orders immediate Freeze of accounts tied to terrorism financing

Published on

By

The Central Bank of Nigeria (CBN) has directed all banks and financial institutions to immediately freeze accounts and assets belonging to individuals and organisations linked to terrorism financing.

 

The directive, contained in a circular issued on Thursday and signed by Olubunmi Ayodele-Oni, follows recent designations by the Nigeria Sanctions Committee and the United States Treasury Department’s Office of Foreign Assets Control (OFAC).

According to TheCable, the action comes after US authorities named three individuals and six entities allegedly involved in financing the terrorist group Islamic State (ISIS). The list includes three Nigerian Bureau De Change (BDC) operators based in Lagos and Kano.

The CBN instructed financial institutions to freeze, without prior notice, all funds, assets and economic resources owned or controlled directly or indirectly by the designated persons and entities.

Banks have also been directed to screen existing customers, beneficial owners and transactions against the updated sanctions list and ensure that no funds, financial services or economic resources are made available to those affected.

The apex bank further ordered financial institutions to file Suspicious Transaction Reports (STRs) with the Nigerian Financial Intelligence Unit (NFIU) whenever there is a confirmed or attempted match involving sanctioned individuals or entities.

In addition, banks must submit reports to the CBN within 48 hours detailing affected accounts, amounts frozen and actions taken. Institutions that find no matches are still required to file nil returns.

The regulator also instructed financial institutions to strengthen monitoring for terrorism financing indicators, including rapid movement of funds, the use of money service businesses and transactions involving high-risk jurisdictions.

The CBN warned that non-compliance could attract penalties under the Banks and Other Financial Institutions Act (BOFIA) 2020 and other applicable laws. It added that compliance would be monitored through off-site reviews, on-site examinations and supervisory engagements.

The development follows growing efforts by Nigerian and international authorities to disrupt financial networks linked to terrorist organisations.

You May Like

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

Must Read

INEC Chairman Joash Amupitan's vehicle surrounded by Nigerian protesters outside Chatham House in London.

INEC chairman Amupitan faces Nigerian protesters in London over 2027 polls

Nigerian protesters have confronted Joash Amupitan, chairman of the Independent National Electoral Commission (INEC), outside Chatham House in London, demanding answers over alleged irregularities in the country’s electoral system ahead of the 2027 general elections.   The protesters accosted Amupitan on Thursday as he left the British think tank after participating in a panel discussion titled ‘Nigeria’s 2027 Elections: Democratic Trajectory and Regional Stability Beyond the Ballot’. According to a report by TheCable, the demonstrators surrounded the black vehicle conveying the INEC chairman and demanded that he address their concerns about alleged irregularities in Nigeria’s voter register. Videos circulating on social media showed protesters holding placards, recording the encounter and chanting at the electoral chief. “Why are you running? Come out and talk to us,” some of the protesters shouted. Another demonstrator was heard calling for the police to be contacted, insisting that Amupitan should come out and address their concerns. One of the placards displayed during the confrontation read: “Amupitan, no more election fraud”. However, the INEC chairman remained inside his vehicle and did not give an audible response to the protesters. INEC Under Scrutiny Over Voter Register The confrontation comes amid growing scrutiny of INEC following concerns raised last month over suspected AI-generated photographs appearing in the commission’s preliminary voter register. INEC subsequently said it had traced the photographs to alleged misconduct by some registration officers who had access to its registration portal. The controversy raised further questions about the integrity of the electoral register ahead of the 2027 general elections. Amupitan Addresses Concerns Over 2023 Elections During his Chatham House appearance, Amupitan acknowledged that glitches experienced during the transmission of results in the 2023 general elections had eroded public confidence in the commission. He, however, said INEC had taken steps to ensure the smooth and efficient conduct of the 2027 elections. The protesters’ confrontation highlights continuing concerns over electoral transparency and public confidence in Nigeria’s electoral process as preparations for the 2027 elections gather momentum.
Read more

Editor's Pick

Trending News

Newsletter

Enter your email address and receive notifications of news by email.

You have been successfully Subscribed! Ops! Something went wrong, please try again.

© 2026 GongNews. All Rights Reserved.