SEC orders freeze of assets linked to six alleged terrorist financiers, three BDCs
The Securities and Exchange Commission (SEC) has directed all capital market operators to immediately freeze the funds, assets and other economic resources belonging to six individuals and three Bureau De Change entities designated as terrorist financiers by the Nigeria Sanctions Committee.
In a circular issued to all Capital Market Regulated Entities on Friday, the commission said the action was taken in accordance with the Terrorism Prevention and Prohibition Act, 2022.
The six individuals named in the sanctions directive are Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu and Yakubu Ogirima Ibrahim.
The three entities listed are Nine to Nine BDC Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau de Change.
According to the SEC, Hammajam was designated on June 18, 2026, for alleged involvement in terrorism financing and support for the Islamic State West Africa Province. Usman was listed for allegedly providing material support to a designated terrorist organisation through repeated financial transactions.
The commission said Abubakar was designated for alleged involvement in terrorism financing and membership of ISWAP, while Chiroma was listed for allegedly using Bureau de Change operations and related corporate entities to facilitate the movement of funds linked to terrorist activities.
Muktar Muhammad Adamu was designated on June 15, 2026, for allegedly providing financial support and facilitating transactions linked to the financing network of the ISWAP Okene cell, while Yakubu Ogirima Ibrahim was listed for allegedly providing material and financial support to the ISWAP Kogi cell.
The SEC added that the three Bureau de Change entities were designated for their alleged involvement in facilitating and channelling funds connected to the ISWAP Okene financing network.
The commission directed all regulated operators to “immediately identify and freeze, without prior notice, all funds, assets and other economic resources in their possession belonging to the designated persons and entities.”
Capital market operators were also instructed to report frozen assets, attempted transactions and other compliance actions to the Secretariat of the Nigeria Sanctions Committee.
In addition, the SEC ordered operators to immediately file suspicious transaction reports with the Nigerian Financial Intelligence Unit for further analysis of the financial activities.
The circular stated that all name matches in financial transactions, whether occurring before or after receipt of the sanctions list, must be treated and reported as suspicious transactions.
The commission further directed regulated entities to prohibit any dealings with the designated individuals and companies and to continue monitoring for transactions involving them.
Any findings, the SEC said, should be reported to the Nigeria Sanctions Committee through its designated reporting channel.
The directive took immediate effect, with the commission warning that non-compliance would amount to a breach of the Investments and Securities Act, 2025, as well as the SEC Anti-Money Laundering and Combating the Financing of Terrorism Rules and Regulations.
According to the commission, violations could attract regulatory sanctions, including fines, suspension of operations or revocation of registration.
The SEC also reminded capital market operators that all unusual or suspicious transactions must be promptly reported to the Nigerian Financial Intelligence Unit.
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