SEC orders freeze of assets linked to six suspected terrorist financiers, three BDCs

The Securities and Exchange Commission (SEC) has directed capital market operators to immediately freeze the funds and other assets belonging to six individuals and three entities designated by Nigerian authorities as terrorist financiers.

The directive was contained in a circular signed by the SEC management on June 26, 2026, and published on the commission’s website on Wednesday.

According to the SEC, the Nigeria Sanctions Committee (NSC) designated the individuals and entities under the Terrorism Prevention and Prohibition Act (TPPA) 2022 and subsequently added them to the Nigeria Sanctions List.

The individuals named are Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu and Yakubu Ogirima Ibrahim.

The three entities are Nine to Nine BDC Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau de Change.

The commission ordered all capital market-regulated entities to identify and freeze, without prior notice, all funds, assets and other economic resources belonging to the designated individuals and entities.

Operators were also instructed to report all frozen assets and actions taken in compliance with the directive to the Secretariat of the Nigeria Sanctions Committee, including attempted transactions involving the listed persons or entities.

In addition, capital market operators must file suspicious transaction reports with the Nigerian Financial Intelligence Unit (NFIU) whenever transactions match the names on the sanctions list, whether the transactions occurred before or after the list was received.

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The SEC also prohibited regulated operators from dealing with the designated individuals and entities and directed them to maintain continuous monitoring of transactions involving the listed parties.

The commission warned that unusual or suspicious transactions must be reported promptly to the NFIU.

The directive takes immediate effect, while failure to comply, according to the SEC, constitutes a violation of the Investments and Securities Act 2025 and the commission’s Anti-Money Laundering/Countering the Financing of Terrorism rules.

The SEC warned that violators could face regulatory sanctions, including fines, suspension of operations or revocation of registration.

Giving details of the designations, the commission said Hammajam was listed on June 18 over alleged involvement in terrorism financing and support for Islamic State West Africa Province (ISWAP).

Usman was allegedly designated for providing material support to a terrorist organisation through repeated financial transactions, while Ibrahim Abubakar was listed over alleged terrorism financing and membership of ISWAP.

Chiroma was designated over alleged terrorism financing through bureau de change operations and related corporate entities used to facilitate the movement of funds linked to terrorist activities.

The SEC said Muktar Muhammad Adamu was listed on June 15 for allegedly providing financial support and facilitating transactions connected to the ISWAP Okene financing network.

Yakubu Ogirima Ibrahim, according to the commission, was listed on June 18 for allegedly providing material and financial support to the ISWAP Kogi cell.

The three BDC companies were listed on June 15 over alleged involvement in facilitating or channelling funds linked to the ISWAP Okene financing network.

The SEC directive comes amid intensified efforts by Nigerian and international authorities to disrupt terrorism financing networks operating through the financial system.

On June 23, the United States announced sanctions against three individuals and six entities allegedly linked to Islamic State financing, including three bureau de change operators.

Two days later, the Central Bank of Nigeria directed banks to freeze accounts belonging to customers linked to terrorism financing.

The latest SEC directive therefore extends the sanctions and asset-freezing measures to Nigeria’s capital market, placing additional obligations on operators to identify, restrict and report transactions involving designated terrorist financiers.