SEC Moves Against Six Individuals, Three Firms Over Alleged Terror Financing

The Securities and Exchange Commission (SEC) has directed capital market operators to immediately freeze funds, assets and other economic resources linked to six individuals and three entities designated as terrorist financiers by the Nigeria Sanctions Committee.

It was reported that the SEC disclosed this in a circular issued to all Capital Market Regulated Entities on Friday, saying the designations were made pursuant to the Terrorism Prevention and Prohibition Act, 2022.

The six 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.

According to the commission, Hammajam was designated on June 18, 2026, 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.

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The SEC said Abubakar was designated over alleged terrorism financing and membership of ISWAP, while Chiroma was accused of using Bureau De Change operations and related corporate entities to facilitate the movement of funds allegedly connected to terrorist activities.

Muktar Muhammad Adamu was listed on June 15 over allegations that he provided financial support and facilitated transactions linked to the financing network of the ISWAP Okene cell.

Yakubu Ogirima Ibrahim was also designated for allegedly providing material and financial support to the ISWAP Kogi cell.

The three BDC entities were listed over their alleged roles in facilitating and channelling funds connected to the ISWAP Okene financing network.

The SEC directed regulated entities to immediately identify and freeze, without prior notice, all funds, financial assets and other economic resources belonging to the designated persons and companies.

Operators were also instructed to report frozen assets, attempted transactions and other compliance actions to the Secretariat of the Nigeria Sanctions Committee.

The commission further directed operators to file suspicious transaction reports with the Nigerian Financial Intelligence Unit for further examination of the financial activities involved.

The commission said capital market operators must treat name matches involving the listed individuals and entities as suspicious and report them, whether the transactions occurred before or after receipt of the sanctions list.

Regulated entities were also directed to prohibit dealings with the designated persons and organisations and maintain continuous monitoring for transactions linked to them.

Any findings, the SEC said, should be forwarded to the Nigeria Sanctions Committee through its designated reporting channel.

The commission said the directive took immediate effect and warned that failure to comply would amount to a breach of the Investments and Securities Act, 2025, as well as its Anti-Money Laundering and Combating the Financing of Terrorism rules.

It said violations could attract penalties including fines, suspension of operations or revocation of registration.

The SEC also reminded capital market operators of their obligation to promptly report all unusual or suspicious transactions to the NFIU.