The Securities and Exchange Commission (SEC) has directed capital market operators to immediately freeze the funds, assets and economic resources belonging to six individuals and three entities designated as terrorist financiers by Nigeria’s Sanctions Committee.
The directive was issued through a circular to Capital Market Regulated Entities on Friday under the Terrorism Prevention and Prohibition Act 2022.
The individuals named 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.
Alleged links to ISWAP financing
According to the SEC, Hammajam was designated in June 2026 over alleged involvement in terrorism financing and support for Islamic State West Africa Province (ISWAP).
Usman was accused of providing material assistance to a designated terrorist organisation through repeated financial transactions, while Abubakar was designated over alleged terrorism financing and membership of ISWAP.
The SEC also alleged that Chiroma used Bureau de Change operations and affiliated companies to transfer funds connected to terrorist activities.
Muktar Adamu was listed for allegedly facilitating financial network operations for the ISWAP Okene cell, while Ogirima Ibrahim was accused of providing financial and material support to the ISWAP Kogi cell.
The three BDC companies were similarly accused of channelling funds linked to the Okene financing network.
SEC orders immediate compliance
The SEC instructed regulated entities to identify and freeze the listed assets without prior notice to the affected individuals or organisations.
Capital market operators must also submit compliance reports detailing frozen assets and attempted transactions to the Secretariat of the Nigeria Sanctions Committee.
The regulator further directed firms to report suspicious transactions involving name matches to the Nigerian Financial Intelligence Unit (NFIU), regardless of whether the transactions occurred before or after the sanctions list was received.
All business dealings with the designated individuals and entities have also been prohibited, with financial institutions required to maintain continuous monitoring of their accounts.
The SEC warned that the directive takes immediate effect and that failure to comply could result in financial penalties, suspension of operations or revocation of registration licences under applicable Nigerian capital market and anti-money-laundering regulations.
The move forms part of wider efforts by Nigerian authorities to disrupt the financial networks supporting insurgent groups in the country.
