Terrorism Financing Crackdown Hits UBA, GTCO, Zenith Bank, Access Bank, First Bank, Others

Authorities in Nigeria have intensified efforts to combat terrorism financing in the West African country, with fresh actions targeting individuals and entities suspected of involvement in illicit financial activities.

What Happened: 

Investigations reviewed by Federal government agencies indicate that several bank accounts across major financial institutions in Nigeria, including United Bank for Africa (UBA), Guaranty Trust Holding Company (GTCO), Zenith Bank, Access Bank, First Bank of Nigeria, among others, are currently under scrutiny for possible links to unlawful funding networks. These findings were discussed during a high-level security meeting held in Abuja in 2025, where recommendations were made for decisive enforcement.

Philips News reports that following guidance from the Nigeria Sanctions Committee (NSC), the President Bola Tinubu-led Federal Government of Nigeria approved measures to sanction accounts identified in the investigation. The directive includes freezing affected accounts and initiating legal action against their holders where necessary.

Official Response:

This newspaper understands that the Nigerian Financial Intelligence Unit (NFIU) stated that the move is backed by provisions of the Terrorism (Prevention and Prohibition) Act, 2022. The law grants authorities the power to restrict access to funds and assets linked to individuals or organizations reasonably suspected of financing terrorist activities.

According to officials, the process received authorization from the Office of the Attorney-General of the Federation, with final approval from President Tinubu. This led to the formal designation of certain individuals and entities, whose names have now been added to the Nigeria Sanctions List.

Regulatory and security agencies have been instructed, as part of enforcement, to identify and freeze all financial assets connected to the listed persons. These measures are typically carried out without prior notice to prevent the movement of funds.

Bank Accounts Under Review:

Sources familiar with the development indicate that the bank accounts being investigated are spread across multiple financial institutions in Nigeria, which include: UBA, GTCO, Zenith Bank, Access Bank, First Bank, FCMB, Opay, Stanbic, Moniepoint, among others.

Authorities clarified that the focus is on specific account holders and transaction patterns flagged during intelligence gathering.

Financial institutions involved are expected to cooperate fully with regulators by complying with directives and strengthening internal monitoring systems. The action is part of a broader strategy to protect the integrity of the financial system in Nigeria from misuse.

See the full list of frozen accounts below:

1. Simon Ekpa Njoku 21-03-1985 Guaranty Trust Bank 0118835791, 0115442299, 0115442275
2. Godstime Promise Iyare 20-05-1996 Access Bank 0060032439, 1187008630, 1448136683. UBA 2212655102. Moniepoint 8197394552. Kuda 2007096158. Promicool Venture- Moniepoint 8197394576.
3. Francis Chukwuedo Mmaduabuchi 27-09-1987 Eco Bank 3941072599, Fidelity 6239280146, Opay 8037688095, Moniepoint 8196060258, 8196028438, 8196028452,5380383959, 5612325508,4730823866, 8037688095
4. John Anayo Onwumere 05-03-1987 Sterling 0026224269, Zenith 4230646454
5. Chikwuka Godwin Eze 05-05-1975 First Bank 3031299977, Access Bank 0110709618, 0108595489, 1132518632
6. Edwin Augustine Chukwuedo 27-05-1983 Union 0010808495, 0110232286, 0069247850, Eco Bank 2321194539, Opay 8169916076, Moniepoint 6786290317, 6786290300
7. Chinwendu Joy Owoh 10-02-1982 First Bank 3125731837, GTB 0115848475, Moniepoint 6474876289, Union 0014660761
8. Ginika Jane Orji 05-10-1995 Blueridge 8039231985, Opay 7059681248, 8106940744
9. Awo Uchechukwu 11-12-1978 First Bank 3060144916
10. Mercy Ebere Ifeoma Ali 07-07-1998 Access 1612608952, FCMB 6594319019, First Bank 3147574474
11. Ohagwu Nneka Juliana 15-08-1985 UBA 2147559148
12. Eze Chibuike Okpoto 12-01-1989 Access 0071127599, 1138098116, FCMB 3723955016, GT Bank 0123014963
13. Nwaobi Henry Chimezie 12-06-1991 Access 1113046148, 1113046148, UBA 2115584448, 2117752704, First Bank 3067985749, Moniepoint 8276850931,
14. Ogomu Peace Kewe 27-06-1997 Access 1840168323, UBA 2096777826, First Bank 3124937333, 2041450556, (USD) 3180578127, Zenith 2547460190, Opay 9069071154, Kuda 2028607838, Fidelity 6552642526, GT Bank 0258732080, Stanbic 0021280495
15. Igwe Ka Ala Enterprises 3750733 Access 1872085373, 0800331795. Fairmoney 2683102063. Fidelity 5090919707, GTB 0206153527, 0044247093, 0044247086, 0044247079, 0044247062, 0044247055, 0044247103, 4020644423. Opay 9023765613, 8035144914, 8126308128. Polaris 3124277058. Carbon 0629821223. Zenith 1226773554
16. Seficuvi Global Company 3225098 Access Bank 1436852548, Eco Bank 3831141439
17. Lakurawa Group NLLKW.

SEC Directs Immediate Asset Freeze:

In a related move, the Securities and Exchange Commission of Nigeria (SEC) has issued a compliance directive to capital market operators across the country.

The Commission instructed all operators to immediately identify and restrict access to assets connected to individuals and organizations listed under the sanctions framework.

This follows the addition of multiple persons and entities to the sanctions register by the Nigeria Sanctions Committee, triggering coordinated enforcement across banking and investment sectors.

SEC, in its official communication, emphasized that all stakeholders must act promptly and in line with the law, which requires the freezing of funds and economic resources linked to designated individuals without prior notification.

Authorities say the ongoing actions reflect Nigeria’s commitment to tackling financial crimes, strengthening regulatory oversight, and aligning with global standards in the fight against terrorism financing.

A directive titled ‘Commission’s sweeping compliance directive issued to capital market operators’, noted that the move was after the 10 individuals and three entities were designated and blacklisted on the Nigeria Sanctions List by the Nigeria Sanctions Committee.

SEC anchored its directive on provisions of the Terrorism (Prevention and Prohibition) Act, 2022, which mandates the immediate freezing of all funds, assets, and economic resources linked to the named persons and organisations without prior notice.

The Commission stated that all Capital Market Operators (CMOs) and stakeholders have been notified that, pursuant to section 49 of the Terrorism (Prevention and Prohibition) Act, 2022, the Nigeria Sanctions Committee has approved the addition of entries and entities subject to asset freeze, travel ban, and arms embargo.

“The directive to free accounts and halt all transactions with the flagged entities is binding on all capital market operators and stakeholders, with strict reporting and compliance obligations, including: immediate identification and freezing of all assets linked to designated individuals and entities without prior notification. Mandatory reporting of frozen assets and attempted transactions to the Nigeria Sanctions Committee Secretariat.”