The Securities and Exchange Commission (SEC) has asked capital market operators to immediately freeze funds, assets and other economic resources connected to six individuals and three entities designated as terrorist financiers by the Nigeria Sanctions Committee.
This was disclosed in a circular issued to all Capital Market Regulated Entities on Friday which said the designations were in line with the Terrorism Prevention and Prohibition Act, 2022.
The six 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 and Sons Bureau de Change.
The commission sanctioned Hammajam on June 18, 2026, for his alleged involvement in terrorism financing and support of the Islamic State West Africa Province (ISWAP).
Usman was charged with providing material support to a designated terrorist organization by means of repeated financial transactions.
The SEC said Abubakar was sanctioned over allegations of financing terrorism and membership of ISWAP while Chiroma was accused of using Bureau De Change operations and related corporate entities to help move funds allegedly linked to terrorist activities.
Muktar Muhammad Adamu was listed on June 15 for allegedly providing financial support and facilitating transactions related to the financing network of the ISWAP Okene cell.
Yakubu Ogirima Ibrahim was also named for allegedly providing logistical and financial support to the ISWAP Kogi cell.
The three BDC entities were listed for their alleged roles in facilitating and channeling funds related to the ISWAP Okene financing network.
The SEC ordered regulated entities to immediately identify and freeze, without notice, all funds, financial assets and other economic resources of the designated persons and companies.
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Operators were also instructed to report frozen assets, attempted transactions and any other compliance actions to the Secretariat of the Nigeria Sanctions Committee.
The commission also encouraged operators to report suspicious transaction reports to the Nigerian Financial Intelligence Unit for further investigation into the financial transactions involved.
The commission said capital market operators should consider name matches involving the listed individuals and entities as suspicious and report them, irrespective of when the transactions occurred in relation to the receipt of the sanctions list.
Further, the regulated entities were advised to cease dealing with the designated persons and organizations and to undertake ongoing surveillance of transactions involving them.
Any findings should be forwarded to the Nigeria Sanctions Committee via the designated reporting channel, the SEC said.
The directive was effective immediately and failure to comply would constitute a breach of the Investments and Securities Act, 2025, and its Anti-Money Laundering and Combating the Financing of Terrorism rules, the commission stated.
Violations could result in penalties ranging from fines to suspension of operations or cancelation of registration, it said.
The SEC equally reminded operators of the capital market of their obligation to report all unusual or suspicious transactions to the NFIU promptly.
