The Securities and Exchange Commission (SEC) has ordered Nigeria’s capital market operators to freeze funds immediately. This applies to six individuals and three organisations designated as alleged terrorist financiers.
The directive followed the listing of individuals and entities by the Nigeria Sanctions Committee (NSC). It fell under the Terrorism Prevention and Prohibition Act, 2022.
The SEC issued a circular to Capital Market Regulated Entities (CMREs). The SEC instructed operators to identify funds or economic resources belonging to the designated persons and organisations. The SEC must place an immediate freeze without prior notification.
On the sanctions list, the named individuals include Babangida Muhammed Adamu Hammajam and Abdullahi Umar Usman. They also include Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu, and Yakubu Ogirima Ibrahim.
The affected entities are Nine to Nine BDC Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau de Change.
Why Authorities Designated the Individuals
The SEC designated Hammajam on June 18, 2026. The designation cites alleged involvement in terrorism financing and ISWAP support.
Officials listed Usman over allegations of aiding a terrorist organisation. Authorities alleged that the aid came through a series of financial transactions.
Authorities designated Abubakar in connection with alleged terrorism financing and ISWAP membership.
The SEC alleged that Chiroma used Bureau de Change operations and related corporate structures. Criminals used these acts to move funds connected to terrorist activities.
Authorities designated Muktar Muhammad Adamu on June 15, 2026. Authorities accused him of providing financial support and facilitating transactions. Authorities allege that the ISWAP Okene cell financing network connected the transactions.
Authorities designated Ogirima Ibrahim over allegations of providing material and financial assistance to the ISWAP Kogi cell.
Authorities designated the three companies over their alleged role in facilitating or channeling funds linked to the ISWAP Okene financing network.
SEC Orders Immediate Asset Freeze
The commission directed all regulated capital market operators to immediately identify and freeze assets, funds and other economic resources belonging to the designated individuals and entities that m,ay be under their control or custody.
Operators must submit reports on frozen assets and attempted transactions to the Secretariat of the Nigeria Sanctions Committee.
The SEC further instructed regulated entities to file Suspicious Transaction Reports with the Nigerian Financial Intelligence Unit (NFIU) for appropriate analysis.
Financial institutions and capital market operators were warned to treat transactions involving names matching those on the sanctions list as suspicious, regardless of whether the transactions occurred before or after the sanctions notification was received.
Operators Must Maintain Vigilance
Beyond freezing affected assets, the SEC directed regulated entities to prevent any dealings with the listed individuals and organisations and maintain continuous monitoring for transactions involving them.
Any relevant findings are to be reported to the Nigeria Sanctions Committee through the approved reporting channel.
The directive took effect immediately.
The SEC warned that failure by capital market operators to comply with the directive would amount to a breach of the Investments and Securities Act, 2025, as well as the commission’s Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Rules and Regulations.
Non-compliance could attract regulatory penalties, including fines, suspension of operations or cancellation of registration.
The commission also reiterated its requirement that unusual and suspicious transactions be reported promptly to the NFIU as part of ongoing efforts to strengthen Nigeria’s financial system against money laundering and terrorism financing.
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