The Securities and Exchange Commission (SEC) has directed capital market operators to freeze the funds and assets of six individuals and three entities designated as terrorist financiers.
Gatekeepers News reports that the directive was contained in a circular signed by the SEC management on June 26, 2026, and published on the commission’s website on Wednesday.
According to the SEC, the Nigeria Sanctions Committee (NSC) designated the individuals and entities under the Terrorism Prevention and Prohibition Act (TPPA) 2022.
“In line with the provisions of the Terrorism Prevention and Prohibition Act (TPPA), 2022, the Nigeria Sanctions Committee (NSC) has designated six (6) Individuals and three (3) Entities as terrorist financiers and subsequently added them to the Nigeria Sanctions List,” the circular reads.
The designated individuals 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.
SEC Orders Immediate Asset Freeze
The commission directed all capital market-regulated entities (CMREs) to immediately identify and freeze the funds, assets and other economic resources belonging to the designated individuals and entities without prior notice.
“Immediately, identify and freeze, without prior notice, all funds, assets, and any other economic resources in their possession, belonging to the designated individuals and entities and report same to the Secretariat of the Nigeria Sanctions Committee,” the SEC said.
Operators were also instructed to report any assets frozen or actions taken in compliance with the designation, including attempted transactions.
“Report to the Secretariat of the Nigeria Sanctions Committee, any assets frozen or actions taken in compliance with the designation, including attempted transactions,” the commission added.
The SEC further directed CMREs to file suspicious transaction reports with the Nigerian Financial Intelligence Unit (NFIU) for further analysis of the financial activities involving the designated persons and entities.
It specifically instructed operators to “report as a suspicious transactions report to the NFIU, all cases of name matching in financial transactions prior to or after receipt of this Sanctions List”.
Capital market operators were also directed to prohibit dealings with the designated individuals and entities and maintain continuous monitoring of transactions involving them.
“Take Note that at all times, any unusual or suspicious transactions MUST be promptly reported to the Nigerian Financial Intelligence Unit (NFIU),” the SEC said.
The directive takes immediate effect.
The commission warned that failure to comply would constitute a violation of the Investments and Securities Act 2025 and its Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Rules and Regulations.
“Such violation would attract appropriate regulatory sanctions, including fines, suspension of operations, or revocation of registration,” the SEC added.
Roles Allegedly Linked to Designated Individuals, Entities
The SEC said Hammajam was listed on June 18 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 involvement in terrorism financing and membership of ISWAP.
The commission said Chiroma was listed on June 18 over alleged involvement in terrorism financing, including the use of bureau de change (BDC) and related corporate entities to facilitate the movement of funds allegedly linked to terrorist activities.
According to the SEC, Adamu was listed on June 15 for allegedly providing financial support and facilitating transactions linked to the financing network of the ISWAP Okene cell.
Ogirima Ibrahim, the commission said, was listed on June 18 for allegedly providing material and financial support to the ISWAP Kogi cell.
The three BDC entities were listed on June 15 over alleged involvement in facilitating or channelling funds connected to the ISWAP Okene financing network.
The SEC’s action followed a series of measures targeting alleged terrorism financing. On June 23, the United States released the identities of three individuals and six entities allegedly linked to Islamic State (ISIS) financing, including three BDC operators.
Two days later, the Central Bank of Nigeria (CBN) directed banks to freeze accounts belonging to customers linked to terrorism financing.
