The Securities and Exchange Commission (SEC) has ordered all capital market operators to immediately freeze the funds, assets, and other economic resources belonging to six individuals and three companies designated by the Federal Government as financiers of terrorism.
The directive, contained in a circular signed by the Commission’s management on June 26, 2026, followed the inclusion of the affected individuals and entities on the Nigeria Sanctions List by the Nigeria Sanctions Committee (NSC) under the Terrorism (Prevention and Prohibition) Act, 2022.
According to the circular, all Capital Market Regulated Entities (CMREs) are required to identify and freeze, without prior notice, every fund, asset, or economic resource belonging to the designated persons and entities and immediately report such actions to the Secretariat of the Nigeria Sanctions Committee.
The commission also directed operators to report any attempted transactions involving the affected individuals or entities and file Suspicious Transaction Reports (STRs) with the Nigerian Financial Intelligence Unit (NFIU) for further investigation.
In addition, the SEC instructed all operators to prohibit any dealings with the designated persons and entities while maintaining heightened surveillance over transactions that could be linked to them.
The commission warned that unusual or suspicious financial activities must be promptly reported to the NFIU.
Those designated by the Nigeria Sanctions Committee are Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu, and Yakubu Ogirima Ibrahim.
The affected corporate entities are Nine to Nine BDC Ltd, Generation Currency BDC Ltd, and Abbal Bako & Sons Bureau de Change.
SEC said Hammajam was designated for alleged involvement in terrorism financing and providing support to the Islamic State West Africa Province (ISWAP).
Usman was listed for allegedly providing material support to a designated terrorist organisation through repeated financial transactions, while Ibrahim Abubakar was designated over alleged involvement in terrorism financing and membership of ISWAP.
According to the commission, Adamu Chiroma was listed for allegedly using bureau de change operations and related corporate entities to facilitate the movement of funds linked to terrorist activities.
Muktar Muhammad Adamu was designated for allegedly providing financial support and facilitating transactions connected to the ISWAP Okene financing network, while Yakubu Ogirima Ibrahim was accused of providing material and financial support to the ISWAP cell operating in Kogi State.
The commission further stated that the three bureau de change companies were designated for allegedly facilitating or channelling funds associated with the ISWAP Okene financing network.
SEC stressed that the circular took immediate effect and warned that any regulated operator that failed to comply with the directive would be in breach of the Investments and Securities Act, 2025, as well as the Commission’s Anti-Money Laundering and Counter-Terrorism Financing Rules.
It warned that defaulters could face severe regulatory sanctions, including monetary penalties, suspension of operations or outright revocation of their operating licences.
The latest directive comes days after the United States identified three individuals and six entities allegedly linked to Islamic State (ISIS) financing, including three bureau de change operators.
It also follows a subsequent directive by the Central Bank of Nigeria (CBN) ordering banks to freeze accounts linked to suspected terrorism financing as authorities intensify efforts to disrupt financial networks supporting terrorist organisations operating in the country.
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