The Securities and Exchange Commission (SEC) has ordered operators in Nigeria’s capital market to immediately freeze the funds, assets and other economic resources belonging to six individuals and three companies identified by the Nigeria Sanctions Committee as terrorism financiers.
The directive was contained in a circular issued to Capital Market Regulated Entities on Friday. The SEC said the action was taken in line with the Terrorism Prevention and Prohibition Act 2022 and Nigeria’s sanctions framework.
The individuals named on the list are Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu and Yakubu Ogirima Ibrahim.
The three companies listed are Nine to Nine BDC Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau de Change.
According to the SEC, the sanctions are connected to alleged financial support for terrorist organisations, particularly activities linked to the Islamic State West Africa Province, commonly known as ISWAP.
Hammajam was reportedly designated on June 18, 2026, over alleged involvement in terrorism financing and support for ISWAP. Usman was listed for allegedly providing financial assistance to a designated terrorist organisation through repeated transactions.
Abubakar was also designated over alleged terrorism financing and membership of ISWAP, while Chiroma was accused of using Bureau De Change operations and related businesses to facilitate the movement of funds connected to terrorist activities.
The SEC said Muktar Muhammad Adamu was listed on June 15, 2026, over alleged involvement in financial operations supporting the ISWAP Okene cell. Yakubu Ogirima Ibrahim was similarly listed for allegedly providing financial and material assistance to the ISWAP Kogi cell.
The three Bureau De Change companies were also linked by the authorities to the alleged Okene financing network.
Under the directive, capital market operators are required to identify and freeze assets belonging to the designated individuals and companies without informing them beforehand. They must also submit detailed compliance reports to the Secretariat of the Nigeria Sanctions Committee.
The reports are expected to include information about assets that have been frozen as well as any attempts to conduct transactions involving the sanctioned parties.
The SEC also instructed regulated firms to report suspicious transactions involving names on the sanctions list to the Nigerian Financial Intelligence Unit for further investigation.
The regulator stressed that name matches must be reported as suspicious transactions regardless of whether the transaction occurred before or after the sanctions list was received.
Capital market operators have also been directed to stop providing business services to the affected individuals and entities and maintain continuous monitoring of their accounts.
The latest directive forms part of Nigeria’s broader efforts to prevent terrorist organisations from accessing financial channels. Authorities have increasingly focused on disrupting the flow of money used to support insurgency and other forms of terrorism.
The SEC warned that the directive takes immediate effect and that failure to comply could result in serious regulatory consequences.
Penalties for defaulting operators may include substantial fines, suspension of operations or the withdrawal of their regulatory licences.
The move highlights the growing importance of financial institutions and capital market operators in Nigeria’s fight against money laundering and terrorism financing. By blocking access to formal financial channels, regulators aim to make it more difficult for criminal networks to move and use funds.
