The Association of Bureau De Change Operators of Nigeria, has cautioned against generalising the actions of a few operators to the entire industry, even as Nigeria apex bank, CBN directed all banks in the country to freeze the accounts of people and BDCs linked to terrorism financing.
According to the chairman of the group, Aminu Gwadebe, he explained that the overwhelming majority of licensed Bureau De Change operators comply with existing financial regulations and anti-money laundering laws.
Gwadebe stated, “The overwhelming majority of licensed BDC operators comply with Nigerian laws and regulatory requirements.”
The Central Bank of Nigeria (CBN) has directed all banks, payment service banks, and other financial institutions to immediately freeze the accounts, assets, and financial transactions of six individuals and several Bureau De Change (BDC) operators over alleged terrorism financing.
The directive was contained in a circular dated June 24, 2026, with reference number CMD/FCS/PUB/CIR/002/011, and was issued to all regulated financial institutions across the country.
According to the apex bank, the action follows the latest update to the Nigeria Sanctions List, which took effect on June 18, 2026, and is binding on all financial institutions under its regulatory supervision.
The CBN instructed banks and other financial institutions to identify and immediately freeze all accounts, funds, assets, and economic resources belonging to the affected individuals and entities without prior notice.
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Part of the circular reads: “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.”
The bank further directed financial institutions to ensure strict compliance with the sanctions regime in line with Nigeria’s anti-money laundering and counter-terrorism financing regulations.
The latest directive comes just days after the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on Nigerian national Mukhtar Adamu and three Bureau De Change companies over their alleged involvement in financing the Islamic State West Africa Province (ISWAP).
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Following the U.S. action, the Federal Government updated the Nigeria Sanctions List by designating six individuals and three Bureau De Change firms for alleged terrorism financing.
The individuals named on the sanctions list are:
Ibrahim Yakubu Ogirima
Adamu Chiroma
Ibrahim Abubakar
Abdullahi Umar Usman
Babangida Muhammed
Adamu Hammajam
The Bureau De Change operators listed include:
Abbal Bako & Sons Bureau De Change Limited
Generation Currency BDC Limited
Nine to Nine BDC Limited
The CBN circular also referenced four BDC operators affected by the directive and instructed financial institutions to implement the sanctions immediately in accordance with the updated Nigeria Sanctions List.
The CBN emphasised that all regulated institutions are expected to fully comply with the directive as part of Nigeria’s broader efforts to strengthen measures against terrorism financing, money laundering, and other financial crimes.
