\n\nThe Central Bank of Nigeria (CBN) has directed all banks, payment service banks, and other regulated financial institutions to immediately freeze the accounts and financial assets of individuals and Bureau De Change operators recently listed for alleged terrorism financing.
The directive followed an update to Nigeria’s Sanctions List and forms part of ongoing efforts by authorities to strengthen the country’s anti-money laundering and counter-terrorism financing framework.
According to the CBN, financial institutions are required to identify and place immediate restrictions on all accounts, funds, investments, and other economic resources connected to the affected persons and entities. The apex bank instructed institutions to implement the directive without prior notification to the affected account holders, in line with existing regulations governing sanctions enforcement.
The regulator emphasized that the action is intended to prevent the movement of funds that could be linked to activities threatening national security. Banks have also been directed to report compliance and submit relevant information to the appropriate authorities where necessary.
The updated sanctions list reportedly includes six individuals and four Bureau De Change operators alleged to have financial links to terrorism-related activities. Authorities say the move reflects Nigeria’s commitment to international obligations aimed at disrupting the financing of criminal and extremist networks.
Financial institutions that fail to comply with the directive could face regulatory sanctions, as the CBN reaffirmed its zero-tolerance stance against violations of anti-money laundering laws.
Security analysts note that restricting access to financial resources is considered one of the most effective strategies for weakening criminal organizations and preventing the financing of violent activities. The latest directive is expected to strengthen collaboration between regulators, banks, and security agencies in monitoring suspicious financial transactions.
The CBN reiterated that safeguarding the integrity of Nigeria’s financial system remains a top priority and urged all regulated institutions to comply fully with the directive while maintaining strict adherence to existing compliance and reporting standards.
