The Securities and Exchange Commission (SEC) has stepped up measures to disrupt suspected terrorism financing networks in Nigeria, directing capital market operators to freeze assets linked to six individuals and three entities placed on the Nigeria Sanctions List.
The directive, contained in a circular signed by the SEC management on June 26, 2026, and published on the Commission’s website yesterday, follows the designation of the individuals and entities by the Nigeria Sanctions Committee (NSC) under the Terrorism Prevention and Prohibition Act (TPPA), 2022.
“In line with the provisions of the Terrorism Prevention and Prohibition Act (TPPA), 2022, the Nigeria Sanctions Committee (NSC) has designated six (6) Individuals and three (3) Entities as terrorist financiers and subsequently added them to the Nigeria Sanctions List,” the circular reads.
The six individuals are Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu and Yakubu Ogirima Ibrahim.
The entities are Nine to Nine BDC Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau de Change.
Under the directive, capital market-regulated entities (CMREs) are required to immediately identify and freeze funds, assets and other economic resources belonging to the designated persons and entities without prior notice.
“Immediately, identify and freeze, without prior notice, all funds, assets, and any other economic resources in their possession, belonging to the designated individuals and entities and report same to the Secretariat of the Nigeria Sanctions Committee,” the commission said.
Operators must also notify the Nigeria Sanctions Committee of assets frozen and actions taken in compliance with the designation, including attempted transactions.
“Report to the Secretariat of the Nigeria Sanctions Committee, any assets frozen or actions taken in compliance with the designation, including attempted transactions.”
The SEC further directed CMREs to submit suspicious transaction reports to the Nigerian Financial Intelligence Unit (NFIU) for further analysis of financial activities involving the designated persons and entities.
“Report as a suspicious transactions report to the NFIU, all cases of name matching in financial transactions prior to or after receipt of this Sanctions List”.
The regulator also ordered capital market operators to halt dealings with the designated individuals and entities and maintain surveillance of 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 takes immediate effect, with the commission warning that non-compliance amounts to a violation of the Investments and Securities Act, 2025, and its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Rules and Regulations.
“Such violation would attract appropriate regulatory sanctions, including fines, suspension of operations, or revocation of registration,” the commission added.
What SEC Said About the Designated Individuals and Entities
The 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 for allegedly providing material support to a designated terrorist organisation through repeated financial transactions, while Ibrahim Abubakar was designated for alleged involvement in terrorism financing and membership of ISWAP.
Chiroma, according to the Commission, was listed on June 18 for alleged involvement in terrorism financing through the use of bureau de change (BDC) and related corporate entities 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 linked to the financing network of the ISWAP Okene cell.
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 entities were listed on June 15 for alleged involvement in facilitating or channelling funds connected to the ISWAP Okene financing network.
The SEC’s action follows a series of measures by Nigerian and international authorities targeting suspected terrorism-financing channels.
On June 23, the United States released the identities of three individuals and six entities allegedly linked to Islamic State (ISIS) financing, including three BDC operators. Two days later, the Central Bank of Nigeria (CBN) directed banks to freeze accounts of customers linked to terrorism financing.
The latest SEC directive extends the financial restrictions into Nigeria’s capital market, placing regulated operators under an immediate obligation to identify, freeze and report assets and transactions connected to the designated persons and entities.
