The Securities and Exchange Commission (SEC) has ordered capital market operators across Nigeria to immediately freeze funds, assets and other economic resources linked to six individuals and three Bureau de Change (BDC) companies designated as alleged terrorist financiers. The directive, which took effect immediately, forms part of Nigeria’s broader efforts to disrupt financial channels suspected of supporting terrorist activities.
According to the SEC, the affected individuals are Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu and Yakubu Ogirima Ibrahim. The three BDCs named in the directive are Nine to Nine BDC Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau de Change. The Nigeria Sanctions Committee designated the individuals and entities under the Terrorism Prevention and Prohibition Act (TPPA) 2022 and subsequently placed them on the Nigeria Sanctions List.
The SEC directed all capital market-regulated entities to identify and freeze the affected assets without prior notice and report every action taken to the Secretariat of the Nigeria Sanctions Committee. Operators must also block dealings involving the designated persons and companies, continuously monitor related transactions and report suspicious or attempted transactions to the Nigerian Financial Intelligence Unit (NFIU). The commission said unusual or suspicious financial activity must be reported promptly as part of the country’s anti-money laundering and counter-terrorism financing measures.
The regulator said the designations were linked to alleged financial support for, or facilitation of transactions connected to, the Islamic State West Africa Province (ISWAP). According to the SEC, some of the individuals were allegedly involved in terrorism financing, material support or membership of ISWAP, while others were accused of facilitating the movement of funds through BDC and related corporate structures. The three BDC companies were also designated over allegations that they facilitated or channelled funds connected to the ISWAP Okene financing network.
The latest SEC action comes amid increased scrutiny of Nigeria’s financial system over suspected terrorism-financing networks. It follows a June 23 announcement by the United States identifying three Nigerians and six entities allegedly linked to Islamic State financing, as well as a June 25 directive by the Central Bank of Nigeria (CBN) ordering banks to freeze accounts linked to terrorism financing. The SEC warned that any capital market operator that fails to comply with its directive could face serious regulatory consequences, including fines, suspension of operations or revocation of registration under the Investments and Securities Act, 2025, and the SEC’s AML/CFT rules.
source: The sun
