SEC orders freeze on assets linked to nine ‘terror financiers’
The Securities and Exchange Commission (SEC) has instructed operators in Nigeria’s capital market to place a freeze on assets associated with six individuals and three organisations identified as terrorist financiers.
The directive was issued through a circular signed by SEC management on June 26, 2026. The document was later made available on the commission’s website on Wednesday.
According to SEC, the Nigeria Sanctions Committee (NSC) designated the six individuals and three entities under the Terrorism Prevention and Prohibition Act (TPPA) 2022.
The commission said the NSC had listed the individuals and organisations as terrorist financiers and subsequently included their names on the Nigeria Sanctions List.
The individuals named by the SEC are Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu and Yakubu Ogirima Ibrahim.
The entities listed are Nine to Nine BDC Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau de Change.
SEC instructed all capital market-regulated entities (CMREs) to immediately identify and freeze the funds, assets and other economic resources belonging to the designated individuals and organisations without giving them prior notice.
The operators were also told to inform the Secretariat of the Nigeria Sanctions Committee about assets that had been frozen or other steps taken to comply with the directive, including attempted transactions involving the listed persons or entities.
The SEC further instructed CMREs to submit suspicious transaction reports to the Nigerian Financial Intelligence Unit (NFIU) for additional analysis of the financial activities connected to the designated persons and entities.
The regulator specifically directed operators to report to the NFIU any cases where names on the sanctions list matched names appearing in financial transactions, whether the transactions occurred before or after the list was received.
Capital market operators were also ordered to stop conducting transactions with the designated individuals and entities and maintain continuous monitoring of any transactions involving them.
“Take Note that at all times, any unusual or suspicious transactions MUST be promptly reported to the Nigerian Financial Intelligence Unit (NFIU),” SEC said.
The directive is effective immediately, according to the commission.
SEC warned that failure by operators to comply would amount to a breach of the Investments and Securities Act, 2025, as well as its anti-money laundering and counter-terrorism financing rules.
The commission said such violations could lead to regulatory penalties, including fines, suspension of operations or withdrawal of registration.
Roles Played By Designated Individuals, Entities
SEC said Hammajam was listed on June 18 over alleged involvement in terrorism financing and support for the Islamic State West Africa Province (ISWAP).
Usman was listed over allegations that he provided material support to a designated terrorist organisation through repeated financial transactions, while Ibrahim Abubakar was designated over alleged terrorism financing and membership of ISWAP.
According to the commission, Chiroma was listed on June 18 over alleged involvement in terrorism financing through the use of bureau de change (BDC) businesses and related corporate entities to help move funds associated with terrorist activities.
SEC said Muktar Muhammad Adamu was listed on June 15 over allegations of providing financial support and facilitating transactions connected to the ISWAP Okene cell’s financing network.
The commission said Yakubu Ogirima Ibrahim was listed on June 18 for allegedly providing material and financial assistance to the ISWAP Kogi cell.
The three BDC companies were listed on June 15, according to SEC, over alleged involvement in facilitating or transferring funds linked to the ISWAP Okene financing network.
The development came two days after the United States announced the identities of three individuals and six entities it alleged were connected to ISIS financing, including three BDC operators.
Two days after the US announcement, the Central Bank of Nigeria (CBN) instructed banks to freeze accounts belonging to customers linked to terrorism financing.
