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 Bureau de Change (BDC) companies designated as alleged 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 six individuals and three entities under the Terrorism Prevention and Prohibition Act (TPPA) 2022, and subsequently added them to the Nigeria Sanctions List.

The Individuals 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 directed all capital market-regulated entities (CMREs) to identify and freeze, without prior notice, all funds, assets and other economic resources belonging to the designated Individuals and entities.

It also ordered the operators to report all frozen assets and actions taken in compliance with the sanctions, including attempted transactions, to the Secretariat of the Nigeria Sanctions Committee.

The SEC further directed CMREs to file suspicious transaction reports with the Nigerian Financial Intelligence Unit (NFIU) in cases where names on the sanctions list match those involved in financial transactions.

The operators were also instructed to prohibit dealings with the designated persons and entities and maintain continuous monitoring 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).

“This circular takes immediate effect and failure to comply with these directives constitutes a violation of the Investments and Securities Act, 2025, and the SEC AML/CFT Rules and Regulations. Such violation would attract appropriate regulatory sanctions, including fines, suspension of operations, or revocation of registration,” the commission said.

The SEC said Hammajam was listed on June 18 for 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 over alleged involvement in terrorism financing and membership of ISWAP.

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

The regulator said the three BDC entities were listed on June 15 for allegedly facilitating or channelling funds connected to the ISWAP Okene financing network.

The latest directive follows moves by other Nigerian financial regulators against entities allegedly linked to terrorism financing.

On June 23, the United States released the identities of three Nigerians and six entities allegedly linked to Islamic State financing, including three BDC operators.

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

The SEC said its directive takes immediate effect, warning that failure to comply constitutes a violation of the Investments and Securities Act, 2025, and its Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Rules and Regulations.

It added that violations could attract regulatory sanctions, including fines, suspension of operations or revocation of registration. (The Sun)

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