SEC Freezes Assets of Alleged Terrorism Financiers in Nigerian Capital Market
The Securities and Exchange Commission (SEC) of Nigeria has issued a directive for the immediate freezing of assets belonging to ten individuals and three entities allegedly involved in terrorism financing within the capital market. This decisive action follows the designation of these parties by the Nigeria Sanctions Committee (NSC), which added their names to the Nigeria Sanctions List under the Terrorism (Prevention and Prohibition) Act of 2022.
Compliance Directive and Listed Parties
In a circular referenced NSC/SEC/MON/AML/CFT/112022/02, the Commission instructed all capital market operators and stakeholders to enforce asset freezes, travel bans, and arms embargoes against the designated individuals and entities. The compliance directive was issued in the early hours of Monday, April 13, 2026, ahead of market reopening, and is binding on all market participants.
Listed Individuals:
- Abdurrahaman Musa Ado
- Bashir Ali Yusuf
- Ibrahim Ali Alhassan
- Muhammad Ibrahim Isah
- Salihu Yusuf Adamu (aka Babangida Adamu)
- Surajo Abubakar Mohammad
- Fannami Alhaji Bukar
- Muhammed Musa
- Sahabi Ismail
- Mohammed Saleh Buba
Listed Entities:
- Alin Yar Yaya General Enterprises
- Are Nigeria Limited
- Suhailah Bashir General Enterprises
Operational Instructions for Capital Market Operators
The SEC directed all capital market operators to immediately identify and freeze, without prior notice, all funds, assets, and economic resources belonging to the designated individuals and entities. Operators were further instructed to:
- Report all frozen assets and attempted transactions to the Nigeria Sanctions Committee Secretariat.
- File Suspicious Transaction Reports (STRs) with the Nigerian Financial Intelligence Unit (NFIU).
- Report all cases of name matching in financial transactions before or after receipt of the sanctions list.
- Prohibit all dealings with designated persons and continue ongoing transaction monitoring.
- Extend asset freezes to assets directly or indirectly owned or controlled by designated persons, including assets derived from such funds or held by third parties acting on their behalf.
All compliance actions must be communicated to the Nigeria Sanctions Committee via nigsac@nfiu.gov.ng.
Legal Basis and Enforcement Scope
The Commission based its directive on Section 49 of the Terrorism (Prevention and Prohibition) Act, 2022, which mandates the immediate freezing of all funds, assets, and economic resources associated with designated individuals and organizations without advance notice. The SEC cautioned that failure to comply may result in civil and criminal penalties, as well as reputational damage for capital market operators and other financial institutions.
The order also applies to Designated Non-Financial Businesses and Professions (DNFBPs), highlighting a broader enforcement approach across Nigeria's financial sector.
Background on SEC's Regulatory Actions
This move aligns with the SEC's ongoing efforts to safeguard Nigeria's capital market from illicit activities. In a related development, the SEC has previously issued public warnings against unauthorized online investment platforms, such as Voya Investment Management (VIM), which falsely claimed to be supervised by the Commission. The regulator continues to emphasize the importance of compliance and vigilance among market participants to maintain integrity and security in the financial system.
