The Central Bank of Nigeria has directed banks, Payment Service Banks and other financial institutions to immediately freeze the accounts and assets of individuals and companies designated for terrorism and terrorism financing.

According to The PUNCH, the directive was contained in a circular dated June 24, 2026, issued by the CBN’s Compliance Department to financial institutions regulated under the Banks and Other Financial Institutions Act 2020.

The apex bank said the directive followed recent 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 regulator listed six individuals and four Bureau de Change operators designated under the sanctions regime.

It directed all financial institutions to immediately screen existing customers, beneficial owners and all incoming and outgoing transactions against the updated 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.”*

The circular also barred financial institutions from making funds, financial services or economic resources available, directly or indirectly, to any of the sanctioned individuals or entities.

The apex bank directed institutions to file Suspicious Transaction Reports with the Nigerian Financial Intelligence Unit for any confirmed or attempted matches and submit compliance reports to the CBN within 48 hours, detailing accounts affected, amounts frozen and actions taken. Institutions with no matching accounts were also directed to file mandatory nil returns.

The CBN warned that false or misleading compliance reports would attract sanctions.

“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 regulator added that it would carry out off-site reviews, on-site examinations and supervisory engagements to ensure full compliance with the directive, which took immediate effect.