The Securities and Exchange Commission (SEC) has directed capital market operators to freeze funds, assets and economic resources belonging to six individuals and three entities designated as terrorist financiers.
The directive was contained in a circular to all Capital Market Regulated Entities (CMREs) on Friday.
The SEC said the designations were made by the Nigeria Sanctions Committee (NSC) in line with 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 three entities are Nine to Nine BDC Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau de Change.
According to SEC, Hammajam was listed June 18, 2026, for terrorism financing and support for Islamic State West Africa Province (ISWAP), while Usman was designated for providing material support through repeated financial transactions.
Abubakar was listed for terrorism financing and membership of ISWAP, while Chiroma allegedly used Bureau De Change (BDC) operations to facilitate movement of funds linked to terrorism.
Muktar Muhammad Adamu was listed June 15, 2026, for supporting ISWAP Okene cell, while Ibrahim was designated for supporting ISWAP Kogi cell. The three BDCs were listed for channelling funds for ISWAP Okene network.
What Operators Must Do Immediately
The SEC directed CMREs to immediately identify and freeze without prior notice all funds and assets belonging to designated persons.
They must report frozen assets and compliance actions, including attempted transactions, to the Secretariat of the Nigeria Sanctions Committee (NSC).
In addition, operators must immediately file suspicious transaction reports with the Nigerian Financial Intelligence Unit (NFIU).
They must also report all name matches as suspicious, whether before or after receiving sanctions list, and prohibit dealings with designated persons while continuing monitoring.
“The circular takes immediate effect,” SEC said, warning that failure to comply violates the Investments and Securities Act 2025 and SEC Anti-Money Laundering / Combating Financing of Terrorism Rules.
Violations could attract fines, suspension or revocation of registration, according to SEC Nigeria.
The SEC reminded operators to promptly report unusual transactions to NFIU.
