The Securities and Exchange Commission (SEC) has directed capital market operators to immediately freeze the assets of six individuals and three entities designated as terrorist financiers by the Nigeria Sanctions Committee. The directive, contained in a circular signed by the SEC management on June 26, 2026, and published on the commission's website on Wednesday, August 13, applies to all regulated entities.
Designated Individuals and Entities
The Nigeria Sanctions Committee designated the individuals and entities under the Terrorism Prevention and Prohibition Act (TPPA), 2022, and subsequently added them to the Nigeria Sanctions List. 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.
The SEC directed all capital market-regulated entities to immediately identify and freeze, without prior notice, all funds, assets and other economic resources belonging to the designated individuals and entities. Operators were also directed to report any frozen assets or actions taken in compliance with the sanctions, including attempted transactions.
Compliance and Reporting Requirements
According to the SEC, operators must report frozen assets to the Secretariat of the Nigeria Sanctions Committee. The commission further instructed capital market operators to file suspicious transaction reports with the Nigerian Financial Intelligence Unit (NFIU) for further analysis. Operators were specifically directed to "report as a suspicious transactions report to the NFIU, all cases of name matching in financial transactions prior to or after receipt of this Sanctions List".
The commission also prohibited dealings with the designated individuals and entities and ordered operators to maintain ongoing monitoring of transactions involving them. "Take Note that at all times, any unusual or suspicious transactions MUST be promptly reported to the Nigerian Financial Intelligence Unit (NFIU)," the SEC said.
Allegations and Background
The directive takes immediate effect. The commission warned that failure to comply would constitute a violation of the Investments and Securities Act, 2025, as well as its Anti-Money Laundering and Countering the Financing of Terrorism Rules and Regulations. "Such violation would attract appropriate regulatory sanctions, including fines, suspension of operations, or revocation of registration," the SEC added.
The commission said Hammajam was listed on June 18 for alleged involvement in terrorism financing and support for the Islamic State West Africa Province (ISWAP). Usman was allegedly designated for providing material support to a designated terrorist organisation through repeated financial transactions, while Ibrahim was listed for alleged involvement in terrorism financing and membership of ISWAP. Chiroma was allegedly involved in terrorism financing through the use of bureau de change and related corporate entities to facilitate the movement of funds linked to terrorist activities, according to the SEC.
Adamu was listed on June 15 for allegedly providing financial support and facilitating transactions linked to the financing network of the ISWAP Okene cell. The SEC said Ogirima Ibrahim was listed on June 18 for allegedly providing material and financial support to the ISWAP Kogi cell. The three bureau de change companies were also listed on June 15 for their alleged involvement in facilitating or channelling funds connected to the ISWAP Okene financing network.
Broader Crackdown
The SEC's action follows a series of measures by Nigerian and international authorities targeting suspected terrorism-financing networks. On June 23, the United States released the identities of three individuals and six entities allegedly linked to Islamic State financing, including three bureau de change operators. Two days later, the Central Bank of Nigeria directed banks to freeze accounts belonging to customers linked to terrorism financing.
Capital market operators are now required to implement the freeze immediately and maintain ongoing vigilance, with non-compliance attracting severe penalties under the law.
