Nigeria's Securities and Exchange Commission (SEC) has directed all capital market operators to immediately freeze the funds, assets, and economic resources of six individuals and three companies designated as terrorism financiers by the Nigeria Sanctions Committee (NSC). The directive, issued in a circular to all Capital Market Regulated Entities (CMREs) on Friday, August 14, cites the Terrorism Prevention and Prohibition Act (TPPA) 2022 as the legal basis, according to Vanguard.
Individuals and Entities Named in SEC Directive
The six individuals flagged 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 listed on June 18, 2026, for involvement in terrorism financing and support for the Islamic State West Africa Province (ISWAP). Usman was designated for providing material support to a terrorist organisation through repeated financial transactions, while Abubakar was listed for ISWAP membership and terrorism financing activity.
Alleged Roles in ISWAP Financing Networks
Chiroma is alleged to have used Bureau de Change operations and associated corporate structures to move funds connected to terrorist networks. Muktar Muhammad Adamu, listed on June 15, 2026, was flagged for facilitating transactions tied to the ISWAP Okene cell's financing network, and Ibrahim was designated for providing material and financial support to the ISWAP Kogi cell.
The three Bureau de Change companies were listed for their alleged roles in channelling money linked to the same ISWAP Okene financing network.
Compliance Requirements and Penalties
The SEC directed regulated entities to freeze all identified assets without prior notice and report the frozen assets, along with any attempted transactions, to the NSC Secretariat. Operators must also file suspicious transaction reports with the Nigerian Financial Intelligence Unit (NFIU) and treat any name matches in financial transactions as suspicious, regardless of whether they occur before or after receipt of the sanctions list.
The commission further prohibited dealings with the designated persons and entities and required operators to continue monitoring for transactions involving them. The circular took immediate effect.
The SEC warned that failure to comply would constitute a violation of the Investments and Securities Act, 2025, and its Anti-Money Laundering and Combating the Financing of Terrorism rules. Penalties for non-compliance include fines, suspension of operations, and revocation of registration.
The commission also reminded all capital market operators that any unusual or suspicious transaction must be promptly reported to the NFIU.
