The Securities and Exchange Commission, SEC, has directed operators in Nigeria’s capital market to freeze funds, assets and other economic resources belonging to six individuals and three organisations identified as terrorism financiers by the Nigeria Sanctions Committee.
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The directive was contained in a circular issued by the SEC to all Capital Market Regulated Entities on Friday. The commission said the designations were made under the Terrorism Prevention and Prohibition Act, 2022.
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The individuals named in the directive are Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu and Yakubu Ogirima Ibrahim.
The three organisations are Nine to Nine BDC Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau de Change.
The SEC said Hammajam was designated on June 18, 2026, over alleged involvement in terrorism financing and support for the Islamic State West Africa Province, ISWAP.
Usman was listed for allegedly providing material support to a designated terrorist organisation through repeated financial transactions, while Abubakar was designated over alleged terrorism financing and membership of ISWAP.
Chiroma was also listed over allegations that he used Bureau de Change operations and related companies to facilitate the transfer of funds connected to terrorist activities.
The commission said Muktar Muhammad Adamu was designated on June 15, 2026, for allegedly providing financial support and facilitating transactions linked to the ISWAP Okene financing network.
Yakubu Ogirima Ibrahim was similarly listed for allegedly providing material and financial support to the ISWAP Kogi cell.
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The SEC said the three companies were designated because of their alleged role in facilitating and moving funds associated with the ISWAP Okene financing network.
Following the designations, capital market operators were ordered to immediately identify and freeze, without informing the affected individuals or organisations beforehand, any funds, assets or other economic resources belonging to them that may be in their possession.
The regulated entities are also required to submit reports on frozen assets and other actions taken in compliance with the directive to the Secretariat of the Nigeria Sanctions Committee.
The SEC further directed operators to file suspicious transaction reports with the Nigerian Financial Intelligence Unit for analysis of the financial activities linked to the designated persons and entities.
Capital market operators were instructed to treat name matches involving the listed individuals and organisations as suspicious transactions, regardless of whether the transactions took place before or after the sanctions list was received.
The operators are also prohibited from conducting business with the designated persons and entities and must continue monitoring their systems for transactions involving them.
The SEC said any relevant findings must be reported to the Nigeria Sanctions Committee through the approved reporting channel.
The directive took effect immediately, with the commission warning that failure to comply would amount to a breach of the Investments and Securities Act, 2025, as well as its Anti-Money Laundering and Combating the Financing of Terrorism rules.
According to the SEC, operators that violate the directive may face regulatory penalties, including fines, suspension of their activities or cancellation of their registration.
The commission also reminded capital market operators of their obligation to promptly report unusual and suspicious transactions to the Nigerian Financial Intelligence Unit as part of efforts to prevent Nigeria’s financial system from being used to support terrorism.
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