The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to immediately freeze accounts belonging to individuals and entities suspected of terrorism financing, as part of intensified efforts to combat insecurity, banditry, kidnapping, and other violent crimes across the country.
The directive was conveyed in a circular signed by Olubunmi Ayodele-Oni on Thursday. According to the apex bank, the action follows recent designations and sanctions issued by the Nigeria Sanctions Committee as well as the United States Treasury Department’s Office of Foreign Assets Control (OFAC).
The CBN instructed financial institutions to identify and place restrictions on all accounts, funds, and other financial assets linked to the designated persons and organisations in line with Nigeria’s anti-terrorism financing regulations.
The move comes at a time when security agencies are intensifying efforts to disrupt the financial networks that sustain terrorist groups, bandits, kidnappers, and other criminal elements responsible for persistent attacks in several parts of the country. Authorities believe cutting off access to funds is a critical strategy in weakening the operational capacity of such groups and enhancing national security.
The apex bank further directed affected institutions to ensure strict compliance with the sanctions regime and promptly report actions taken to the appropriate regulatory authorities.
The latest measure underscores the government’s determination to strengthen financial surveillance, prevent the misuse of the banking system for illicit activities, and support ongoing efforts to restore peace and stability across Nigeria.
