Reported by: Oahimire Omone Precious | Edited by: Oravbiere Osayomore Promise.
The Securities and Exchange Commission (SEC) has ordered all capital market operators to immediately freeze the funds, assets and other economic resources belonging to six individuals and three entities newly designated by the Nigeria Sanctions Committee (NSC) as alleged terrorist financiers, in the latest escalation of Nigeria's crackdown on illicit financial flows. The directive, contained in a circular issued to all Capital Market Regulated Entities (CMREs) and published on the commission's website on August 13, 2026, follows the designation of the individuals and entities under the Terrorism Prevention and Prohibition Act (TPPA) 2022 and their inclusion on the Nigeria Sanctions List.
The six individuals named on the Nigeria Sanctions List 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 (BDC).
According to the SEC, the individuals were designated for alleged involvement in terrorism financing, providing material or financial support to terrorist organisations and facilitating transactions linked to the Islamic State West Africa Province (ISWAP), including its Okene and Kogi cells. Hammajam was listed on June 18, 2026, for alleged involvement in terrorism financing and support for ISWAP. Usman was designated for allegedly providing material support to a designated terrorist organisation through repeated financial transactions. Ibrahim Abubakar was listed for involvement in terrorism financing and membership of ISWAP. Chiroma was designated for allegedly using Bureau De Change operations and related corporate entities to facilitate the movement of funds linked to terrorist activities. Muktar Muhammad Adamu, also known as Mukhtar Adamu and Muhammad Mukhtar, was listed on June 15, 2026, for providing financial support and facilitating transactions linked to the financing network of the ISWAP Okene cell. Yakubu Ogirima Ibrahim was designated for providing material and financial support to the ISWAP Kogi cell. The three BDC entities were similarly listed for their alleged involvement in facilitating or channelling funds connected to the ISWAP Okene financing network.
The SEC directed all capital market-regulated entities 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. They are also required to report frozen assets and other compliance actions, including attempted transactions, to the Secretariat of the Nigeria Sanctions Committee. In addition, the SEC directed regulated entities to immediately file suspicious transaction reports with the Nigerian Financial Intelligence Unit (NFIU) for further analysis of the financial activities. The SEC further instructed operators to report all cases of name matches in financial transactions as suspicious, whether occurring before or after receipt of the sanctions list. The regulated entities are also required to prohibit dealings with the designated persons and entities and continue monitoring for transactions involving them.
The SEC warned that the circular takes immediate effect and that failure to comply would constitute a violation of the Investments and Securities Act, 2025, and the SEC 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 commission further reminded capital market operators that all unusual or suspicious transactions must be promptly reported to the NFIU.
The latest directive comes against the backdrop of an earlier sanctions exercise in which the SEC ordered the freezing of assets belonging to 10 individuals and three entities allegedly linked to terrorism financing across Nigeria's capital market. The earlier action followed their designation by the Nigeria Sanctions Committee and addition to the Nigeria Sanctions List under the Terrorism (Prevention and Prohibition) Act, 2022. The 10 individuals named in that earlier list included Abdurrahaman Musa Ado, Bashir Ali Yusuf, Ibrahim Ali Alhassan, Muhammad Ibrahim Isah, Salihu Yusuf Adamu (also known as Babangida Adamu), Surajo Abubakar, Mohammad Fannami, Alhaji Bukar, Muhammed Musa Sahabi, Ismail Mohammed Saleh and Buba. The three entities were Alin Yar Yaya General Enterprises, Are Nigeria Limited and Suhailah Bashir General Enterprises. The earlier sanctions exercise imposed measures including asset freezes, travel restrictions and an arms embargo, according to the sanctions notice.
The SEC's directive forms part of broader efforts by financial regulators to prevent Nigeria's capital market from being used to move, conceal or facilitate funds associated with terrorism and other illicit financial activities. The directive underscores the growing regulatory focus on preventing Nigeria's financial and capital market systems from being used to facilitate terrorism financing and other illicit financial activities. The SEC has also directed operators in Nigeria's capital market to immediately identify and freeze funds, assets and other economic resources linked to a Nigerian citizen and three Nigerian companies sanctioned by the United States Government for allegedly facilitating financial transactions connected to the Islamic State of Iraq and Syria (ISIS) and ISIS-West Africa. The individual named on the sanctions list is Mukhtar Adamu Muhammad, also known as Mukhtar Adamu and Muhammad Mukhtar, who is also listed on the Nigeria Sanctions List. The three companies are Generation Currency Bureau De Change Limited, Manhattan Bureau De Change Limited and Nine to Nine Exchange Bureau De Change Limited.
The SEC's directive places an immediate compliance obligation on capital market operators to screen their records, identify potential matches, restrict access to assets where applicable and report relevant transactions and actions to the appropriate authorities. Regulated entities are to continue to check for transactions relating to the designated persons and entities and report findings to the Nigeria Sanctions Committee. The commission's action reinforces the obligations of capital market operators to identify and block financial resources connected to persons or entities appearing on Nigeria's sanctions list.
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