The Securities and Exchange Commission (SEC) has directed capital market operators in Nigeria to immediately freeze funds, assets and other economic resources linked to six individuals and three entities designated as terrorism financiers.
The directive was issued in a circular released on Friday to Capital Market Regulated Entities (CMREs).
The commission said the action was based on designations made by the Nigeria Sanctions Committee (NSC) and was carried out in line with the Terrorism Prevention and Prohibition Act (TPPA) 2022.
Six Individuals, Three Entities Listed
According to the SEC, the affected individuals are Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu and Yakubu Ogirima Ibrahim.
The three entities named in the directive are Nine to Nine Bureau De Change (BDC) Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau De Change.
The commission said the listed persons and entities were designated by the Nigeria Sanctions Committee over alleged links to terrorism financing activities.
SEC Details Allegations Behind Designations
The SEC said Hammajam was listed for alleged involvement in terrorism financing and support for the Islamic State West Africa Province (ISWAP).
It also stated that Usman was designated over allegations of providing financial assistance to a terrorist organisation through repeated transactions.
The commission said Abubakar was listed over alleged terrorism financing involvement and membership of ISWAP, while Chiroma was linked to alleged movement of funds through Bureau De Change operations and related businesses.
According to SEC, Adamu was designated over alleged financial support connected to the ISWAP Okene cell financing network, while Ibrahim was linked to alleged support for the ISWAP Kogi cell.
The commission said the three Bureau De Change entities were listed over alleged involvement in facilitating and transferring funds connected to the ISWAP Okene financing network.
Market Operators Directed to Report Transactions
The SEC instructed all regulated capital market entities to identify and freeze, without prior notice, any funds, assets or economic resources belonging to the listed individuals and organisations.
Operators are also required to submit reports on frozen assets, compliance measures and attempted transactions to the Secretariat of the Nigeria Sanctions Committee.
The commission further directed regulated entities to file suspicious transaction reports with the Nigerian Financial Intelligence Unit (NFIU) for further investigation and analysis.
Non-Compliance May Attract Sanctions
The SEC instructed operators to prevent any dealings with the listed individuals and entities and continue monitoring financial activities for possible matches.
It warned that any identified suspicious transactions or name matches must be reported through approved channels.
The commission said the directive takes immediate effect and warned that failure to comply would constitute a breach of the Investments and Securities Act, 2025 and SEC Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regulations.
Possible penalties for non-compliance include regulatory fines, suspension of operations or withdrawal of registration.
