CBN Orders Immediate Freeze On Accounts Linked To Terrorism Financing Suspects

CBN Orders Immediate Freeze on Accounts Linked to Terrorism Financing Suspects The Central Bank of Nigeria CBN has directed all commercial banks and financial institutions in the country to immediately freeze accounts and assets linked to six individuals and four Bureau De Change BDC operators over allegations of terrorism financing. The directive is part of ongoing efforts by financial and security authorities to strengthen Nigeria’s anti–money laundering and counter-terrorism financing framework and disrupt funding channels allegedly supporting terrorist activities. According to the report, the affected individuals and BDC operators are currently under investigation for suspected involvement in financial transactions linked to terrorism financing networks. The CBN’s order requires banks to identify, block, and prevent any movement of funds associated with the suspects pending further investigation by relevant security agencies. The apex bank’s action aligns with provisions of Nigeria’s anti-terrorism and financial intelligence laws, which empower regulators to restrict access to financial systems where there are credible suspicions of illicit financing activities. Authorities say the measure is preventive and aims to safeguard the integrity of the banking system while supporting national security operations targeting terrorism financing networks. The freeze affects all accounts and related assets belonging to the listed individuals and BDC operators across Nigerian financial institutions. Banks are expected to comply immediately and report any related findings to the appropriate regulatory and security bodies. The development comes amid heightened efforts by Nigerian authorities to tighten surveillance of financial flows, particularly in sectors considered vulnerable to illicit financial activity, including the foreign exchange market. Officials have not yet released the identities of the affected individuals or further details of the ongoing investigation.