The Securities and Exchange Commission (SEC) has directed capital market operators to immediately freeze the assets of six individuals and three entities designated as terrorist financiers by the Nigeria Sanctions Committee.
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, August 13.
According to the SEC, the Nigeria Sanctions Committee designated the individuals and entities under the Terrorism Prevention and Prohibition Act (TPPA), 2022, and subsequently added them to the Nigeria Sanctions List.
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.
The SEC directed all capital market-regulated entities to immediately identify and freeze, without prior notice, all funds, assets and other economic resources belonging to the designated individuals and entities.
The commission also instructed operators to report all frozen assets and actions taken in compliance with the sanctions, including attempted transactions, to the Secretariat of the Nigeria Sanctions Committee.
Capital market operators were further directed to file suspicious transaction reports with the Nigerian Financial Intelligence Unit (NFIU) for further analysis.
The SEC specifically instructed operators to report cases of name matching in financial transactions involving individuals or entities on the sanctions list, whether the transactions occurred before or after receipt of the list.
The commission also prohibited dealings with the designated individuals and entities and ordered operators to maintain ongoing monitoring of transactions involving them.
The directive takes immediate effect, with the SEC warning that failure to comply would constitute a violation of the Investments and Securities Act, 2025, as well as its Anti-Money Laundering and Countering the Financing of Terrorism Rules and Regulations.
The commission warned that violations could attract regulatory sanctions, including fines, suspension of operations or revocation of registration.
According to the SEC, Hammajam was listed on June 18 for alleged involvement in terrorism financing and support for the Islamic State West Africa Province (ISWAP).
Usman was allegedly designated for providing material support to a designated terrorist organisation through repeated financial transactions, while Ibrahim was listed for alleged involvement in terrorism financing and membership of ISWAP.
Chiroma was allegedly involved in terrorism financing through the use of bureau de change operators and related corporate entities to facilitate the movement of funds linked to terrorist activities.
Adamu was listed on June 15 for allegedly providing financial support and facilitating transactions linked to the financing network of the ISWAP Okene cell.
The SEC said Ogirima Ibrahim was listed on June 18 for allegedly providing material and financial support to the ISWAP Kogi cell.
The three bureau de change companies were also listed on June 15 for their alleged involvement in facilitating or channelling funds connected to the ISWAP Okene financing network.
The SEC’s action follows a series of measures by Nigerian and international authorities targeting suspected terrorism-financing networks.
On June 23, the United States released the identities of three individuals and six entities allegedly linked to Islamic State financing, including three bureau de change operators.
Two days later, the Central Bank of Nigeria directed banks to freeze accounts belonging to customers linked to terrorism financing.
