The Securities and Exchange Commission, SEC, has ordered capital market operators in Nigeria to immediately freeze the funds, assets and other economic resources linked to six individuals and three companies designated as terrorism financiers.
This directive was issued through a circular to Capital Market Regulated Entities, CMREs, following the inclusion of the individuals and companies on the Nigeria Sanctions List.
The SEC said the action is in line with the Terrorism (Prevention and Prohibition) Act 2022 and Nigeria’s sanctions framework.
The affected individuals are Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu and Yakubu Ogirima Ibrahim.
The three companies are Nine to Nine BDC Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau de Change.
Nigeria Sanctions Committee added the six individuals and three entities to its sanctions list in June 2026.
The designations followed financial investigations and intelligence gathering over alleged links to terrorist financing networks associated with the Islamic State West Africa Province, ISWAP.
The SEC directive means that capital market operators must identify any funds, accounts, securities or other economic resources belonging to the designated persons or entities and place them under immediate restriction.
The affected operators are not required to give prior notice to the persons or companies involved before taking action.
They must also report the assets frozen and any attempted transactions to the Secretariat of the Nigeria Sanctions Committee.
The commission further directed regulated firms to file Suspicious Transaction Reports with the Nigerian Financial Intelligence Unit, NFIU, where transactions involving the designated names are identified.
“Regulated entities must report as suspicious transactions all cases of name matches in financial transactions, whether occurring before or after the receipt of the sanctions list,” the SEC stated.
The directive also requires capital market operators to continue monitoring their accounts and transactions for any dealings involving the sanctioned individuals and companies.
SEC Names Six Individuals
Babangida Muhammed Adamu Hammajam was designated over allegations that he was part of an ISWAP financial network involved in moving funds for terrorist activities.
The Nigeria Sanctions Committee said investigations linked him to the use of terrorist funds, including the purchase of Starlink internet kits to support communication and coordination among members of the group.
The committee also said Hammajam had been charged with terrorism financing and was awaiting trial.
Abdullahi Umar Usman was listed over alleged financial support to a designated terrorist organisation through repeated transactions.
Ibrahim Abubakar was also designated over alleged terrorism financing and direct membership of ISWAP.
Adamu Chiroma was linked to the alleged movement of terrorist funds through Bureau de Change operations and related companies.
The authorities said such activities formed part of a financial network used to facilitate transactions connected to terrorism.
Muktar Muhammad Adamu was designated over allegations that he facilitated financial operations linked to the ISWAP Okene cell.
Yakubu Ogirima Ibrahim was similarly listed over alleged financial and material support to the ISWAP Kogi cell.
The sanctions records show that the six individuals were among those added to the Nigeria Sanctions List in June.
Three BDCs Also Targeted
The SEC’s directive also covers three Bureau de Change companies named in the sanctions list.
They are Nine to Nine BDC Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau de Change.
The companies were allegedly used to move or process funds connected to the terrorism financing network.
The Nigeria Sanctions Committee’s records specifically list the three companies among the entities sanctioned in June 2026.
Nine to Nine BDC has also been identified in sanctions records as being involved in the alleged movement of funds connected to the ISWAP Okene financing network.
The designation of the BDCs is significant because Bureau de Change operators handle foreign currency transactions and can be exposed to money-laundering risks when proper customer and transaction checks are not carried out.
Operators Face Sanctions for Non-Compliance
The SEC warned that the directive takes immediate effect.
It directed all capital market operators to ensure that no new business relationship or transaction is conducted with the sanctioned persons and entities.
Any assets directly or indirectly owned or controlled by the designated parties are covered by the freezing requirement.
This also extends to assets held jointly or through other persons or companies acting on behalf of the designated individuals.
The Nigeria Sanctions Committee has previously stated that the freezing mechanism is intended to prevent sanctioned persons from accessing resources that could be used to support terrorism.
The SEC also warned that failure to comply with the directive could attract regulatory action.
Possible consequences include financial penalties, suspension of operations and revocation of licences.
The commission said the requirements are backed by the Investments and Securities Act 2025 and its anti-money laundering and counter-financing of terrorism rules.
The directive therefore places an immediate compliance responsibility on brokers, fund managers, investment firms and other regulated operators that may hold or process assets connected to the sanctioned names.
