Barbara Bako, Abuja.
The Securities and Exchange Commission (SEC) has directed capital market operators to immediately freeze the funds, assets and other economic resources belonging to six individuals and three entities designated as terrorism financiers by the Nigeria Sanctions Committee (NSC).
The directive was contained in a circular issued to all Capital Market Regulated Entities (CMREs), following the designation of the individuals and entities under the Terrorism Prevention and Prohibition Act (TPPA) 2022.
The six individuals are Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu and Yakubu Ogirima Ibrahim.
The designated entities are Nine to Nine BDC Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau de Change.
According to the SEC, Hammajam was designated on June 18, 2026, for alleged involvement in terrorism financing and support for the Islamic State West Africa Province (ISWAP), while Usman was listed for allegedly providing material support to a designated terrorist organisation through repeated financial transactions.
The commission said Abubakar was designated for alleged involvement in terrorism financing and membership of ISWAP, while Chiroma was listed for allegedly using Bureau de Change operations and related corporate entities to facilitate the movement of funds linked to terrorist activities.
The SEC said Muktar Muhammad Adamu was designated on June 15, 2026, for allegedly providing financial support and facilitating transactions linked to the financing network of the ISWAP Okene cell.
Ogirima Ibrahim was also designated for allegedly providing material and financial support to the ISWAP Kogi cell.
The three entities, the commission said, were designated for their alleged involvement in facilitating and channelling funds connected to the ISWAP Okene financing network.
Under the directive, CMREs are required to immediately identify and freeze, without prior notice, all funds, assets and other economic resources belonging to the designated individuals and entities that are in their possession.
Operators must also report frozen assets, attempted transactions and other compliance actions to the Secretariat of the Nigeria Sanctions Committee.
The SEC further directed regulated entities to file suspicious transaction reports with the Nigerian Financial Intelligence Unit (NFIU) for further analysis of the financial activities.
It instructed operators to treat as suspicious any financial transaction involving a name match with the designated persons or entities, regardless of whether the transaction occurred before or after the sanctions list was received.
Capital market operators are also required to prohibit dealings with the designated individuals and entities and maintain ongoing monitoring for any transactions involving them.
The SEC warned that the directive takes immediate effect and that failure to comply would constitute a violation of the Investments and Securities Act, 2025, as well as the SEC’s Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Rules and Regulations.
It added that violations could attract regulatory sanctions, including fines, suspension of operations or revocation of registration, while reminding capital market operators that all unusual or suspicious transactions must be promptly reported to the NFIU.
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