The Securities and Exchange Commission, SEC, has directed Capital Market Operators to freeze the funds, assets and other economic resources belonging to six individuals and three entities designated as terror financiers.
SEC said the terrorists’ financiers were tagged as so by the Nigeria Sanctions Committee and explained that the directive was made in line with the Terrorism Prevention and Prohibition Act 2022.
The six individuals are Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu and Yakubu Ogirima Ibrahim.
The three designated entities are Nine to Nine Bureau De Change Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau De Change.
According to SEC, Hammajama was listed on June 18, 2026, for involvement in terrorism financing and support for the Islamic State West Africa Province (ISWAP), while Usman was called for providing material support to a designated terrorist organisation through repeated financial transactions.
The commission said Abubakar was listed for involvement in terrorism financing and membership of ISWAP, while Chiroma was involved for allegedly using Bureau De Change (BDC) operations and related corporate entities to facilitate the movement of funds linked to terrorist activities.
Adamu was listed on June 15, 2026, for providing financial support and facilitating transactions linked to the financing network of the ISWAP Okene cell, while Ibrahim was involved in providing material and financial support to the ISWAP Kogi cell.
Also Read: TUC President, Osifo commends DSS over arrest, prosecution of terrorists, bandits
The SEC said the three entities were listed for their alleged involvement in facilitating and channelling funds connected to the ISWAP Okene financing network.
The commission directed all CMREs 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.
SEC said the entities were also required to report frozen assets and other compliance actions, including attempted transactions, to the Secretariat of the Nigeria Sanctions Committee.
The commission directed regulated entities to immediately file suspicious transaction reports with the Nigerian Financial Intelligence Unit for further analysis of the financial activities.
It further instructed operators to report any suspicious transactions, and all cases of name matches in financial transactions, whether occurring before or after receipt of the sanctions list.
It said that the regulated entities were also required to prohibit dealings with the listed persons and entities and continue monitoring for transactions involving them.
The SEC said any findings should be reported to the NSC through its designated reporting channel.
SEC said the circular would be implemented with immediate effect, adding that 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 Rules and Regulations.
It said violations could attract regulatory sanctions, including fines, suspension of operations or revocation of registration.
(NAN
