The Securities and Exchange Commission (SEC) has directed capital market operators to immediately freeze funds, assets and other economic resources belonging to six individuals and three entities designated as terrorism financiers by the Nigeria Sanctions Committee (NSC).
The directive was contained in a circular issued to all Capital Market Regulated Entities (CMREs), pursuant to the Terrorism Prevention and Prohibition Act (TPPA) 2022.
The individuals listed are Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu and Yakubu Ogirima Ibrahim.
The designated entities 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, 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 for alleged terrorism financing and membership of ISWAP.
Chiroma was also listed for allegedly using Bureau de Change (BDC) operations and related corporate entities to facilitate the movement of funds linked to terrorist activities.
The commission said Muktar Muhammad Adamu was designated on June 15, 2026, for allegedly providing financial support and facilitating transactions connected to the ISWAP Okene cell financing network.
Ogirima Ibrahim, it added, was listed for allegedly providing material and financial support to the ISWAP Kogi cell.
The three entities were similarly designated over their alleged roles in facilitating and channelling funds connected to the ISWAP Okene financing network.
The SEC directed regulated capital market operators to immediately identify and freeze, without prior notice, all funds, assets and other economic resources belonging to the designated individuals and entities in their possession.
Operators are also required to report frozen assets, attempted transactions and other compliance actions to the Secretariat of the Nigeria Sanctions Committee.
The commission further instructed CMREs to file suspicious transaction reports with the Nigerian Financial Intelligence Unit (NFIU) for further analysis of the financial activities.
It warned that all name matches involving the designated persons or entities in financial transactions must be treated as suspicious and reported, regardless of whether the transactions occurred before or after the sanctions list was received.
The SEC also directed operators to prohibit any dealings with the designated persons and entities and maintain enhanced monitoring for transactions involving them.
It said any findings arising from the monitoring exercise must be reported to the Nigeria Sanctions Committee through its designated reporting channel.
The circular takes immediate effect.
The SEC warned that failure to comply would constitute a violation of the Investments and Securities Act, 2025, as well as its Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Rules and Regulations.
According to the commission, violators could face regulatory sanctions, including fines, suspension of operations or revocation of registration.
The SEC also reminded capital market operators of their obligation to promptly report all unusual and suspicious transactions to the NFIU.
