CBN Orders Banks To Freeze Assets Of Individuals, BDCs Linked With Terrorism Financing

  The Central Bank of Nigeria (CBN) Thursday directed banks and all financial institutions to freeze transactions, accounts, and assets linked to six individuals and four Bureau De Change (BDC) operators designated for terrorism financing.

The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to immediately freeze the accounts and assets of individuals and Bureau De Change (BDC) operators allegedly linked to terrorism financing.

The directive, issued in line with Nigeria's anti-money laundering and counter-terrorism financing regulations, requires financial institutions to identify and block all accounts associated with the listed individuals and entities. Banks are also expected to report any related transactions to the appropriate authorities.

The move is part of the government's ongoing efforts to strengthen the country's financial system and prevent the use of financial institutions to support terrorist activities and other illicit crimes.

Financial institutions have been urged to comply fully with the directive while continuing to monitor suspicious transactions in accordance with existing regulatory guidelines.

The latest action underscores Nigeria's commitment to combating terrorism financing and enhancing the integrity of its financial sector through stricter regulatory enforcement.