The Central Bank of Nigeria has directed banks and other financial institutions to immediately freeze all accounts, assets and economic resources linked to six individuals and four Bureau de Change operators designated for alleged terrorism and terrorism-financing activities.
In a circular issued on Thursday and signed by the CBN Director of Compliance, Olubunmi Ayodele-Oni, the apex bank said the sanctions followed recent designations by the Nigeria Sanctions Committee and the United States Treasury Department’s Office of Foreign Assets Control. The affected individuals are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma and Yakubu Ogirima Ibrahim.
The designated Bureau de Change operators 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. The CBN said financial institutions must immediately screen customers and transactions against the updated sanctions list and prevent any funds or services from reaching the sanctioned persons or entities.
The regulator also directed banks to file Suspicious Transaction Reports with the Nigerian Financial Intelligence Unit and submit compliance reports to the CBN within 48 hours. It warned that failure to comply with the directive could attract regulatory sanctions under the Banks and Other Financial Institutions Act 2020 and other applicable laws.
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