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 terrorist financiers by the Nigeria Sanctions Committee (NSC).
City Business News reports that 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 designated individuals are Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu and Yakubu Ogirima Ibrahim.
The three 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). Usman was designated for allegedly providing material support to a designated terrorist organisation through repeated financial transactions.
The commission said Abubakar was listed for alleged involvement in terrorism financing and membership of ISWAP, while Chiroma was designated for allegedly using Bureau de Change (BDC) operations and related corporate entities to facilitate the movement of funds linked to terrorist activities.
Muktar Muhammad Adamu was designated on June 15, 2026, for allegedly providing financial support and facilitating transactions linked to the ISWAP Okene cell financing network, while Ogirima Ibrahim was designated for allegedly providing material and financial support to the ISWAP Kogi cell.
The SEC said the three entities were designated for their alleged involvement in facilitating and channelling funds connected to the ISWAP Okene financing network.
The commission directed CMREs to immediately identify and freeze, without prior notice, all funds, assets and other economic resources in their possession belonging to the designated individuals and entities.
The operators are also required to report frozen assets and other compliance actions, including attempted transactions, to the Secretariat of the Nigeria Sanctions Committee.
In addition, the SEC directed regulated entities to immediately file suspicious transaction reports with the Nigerian Financial Intelligence Unit (NFIU) for further analysis of the financial activities.
It instructed operators to treat all cases of name matches in financial transactions as suspicious transactions, whether the transactions occurred before or after receipt of the sanctions list.
The regulated entities must also prohibit dealings with the designated individuals and entities and continue monitoring for transactions involving them.
The SEC said any findings should be reported to the Nigeria Sanctions Committee through its designated reporting channel.
The circular takes immediate effect. The commission warned that failure to comply would constitute a violation of the Investments and Securities Act, 2025, as well as the SEC Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Rules and Regulations.
It said violations could attract regulatory sanctions, including fines, suspension of operations or revocation of registration.
The SEC further reminded capital market operators that all unusual or suspicious transactions must be promptly reported to the NFIU.
