CBN Orders Banks to Freeze Accounts Linked to Six Terrorism Financing Suspects

The Central Bank of Nigeria (CBN) has directed all commercial banks and other financial institutions across the country to immediately freeze the accounts of six individuals and entities allegedly linked to terrorism financing.

The directive, issued as part of ongoing efforts to strengthen Nigeria's anti-money laundering and counter-terrorism financing framework, requires financial institutions to identify and place a post-no-debit restriction on all accounts associated with the listed suspects. Banks are also expected to report any related transactions or financial activities to the appropriate regulatory and security agencies.

According to the CBN, the action is in compliance with existing laws and international obligations aimed at preventing the financing of terrorism and safeguarding the integrity of Nigeria's financial system. The apex bank emphasized that financial institutions must act promptly to ensure full compliance with the directive.

The move underscores the Nigerian government's continued commitment to combating terrorism and disrupting financial networks that support extremist activities. Authorities stated that individuals or organizations found to be facilitating terrorist financing would face the full weight of the law.

Security experts have described the directive as a significant step toward strengthening financial oversight and improving national security. They also urged financial institutions to enhance their customer due diligence processes and promptly report suspicious transactions.

The CBN reaffirmed its commitment to working closely with law enforcement agencies, financial regulators, and international partners to combat financial crimes and protect the stability of Nigeria's banking sector.

Further details regarding the identities of the affected individuals and the duration of the restrictions are expected to be released by the relevant authorities as investigations continue.