The Central Bank of Nigeria (CBN) has directed all banks and financial institutions across the country to immediately freeze the accounts and assets of individuals and companies linked to terrorism financing.
The directive follows the latest update to Nigeria’s sanctions list, which identified several persons and entities suspected of involvement in financing terrorist activities. Financial institutions have been instructed to place a post-no-debit restriction on all affected accounts and prevent any form of transaction involving the designated individuals or organizations.
According to the CBN, the action is in line with the provisions of the Terrorism (Prevention and Prohibition) Act, 2022, and forms part of ongoing efforts by the Federal Government to strengthen the fight against terrorism, money laundering, and other financial crimes.
Banks are also required to report compliance with the directive to relevant regulatory and security agencies, while ensuring that any assets connected to the suspects are identified and frozen without delay.
The apex bank emphasized that the sanctions are aimed at disrupting financial networks that support terrorism and safeguarding the integrity of Nigeria’s financial system.
Authorities urged financial institutions to remain vigilant and strictly comply with all anti-money laundering and counter-terrorism financing regulations to prevent the misuse of the banking sector for illegal activities.
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