The Securities and Exchange Commission (SEC) has directed capital market operators to freeze assets belonging to six individuals and three entities designated 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.
SEC said the Nigeria sanctions committee (NSC) designated the individuals and entities 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 designated 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.
SEC directed all capital market-regulated entities (CMREs) to freeze the funds and other assets of 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.
“Report to the Secretariat of the Nigeria Sanctions Committee any assets frozen or actions taken in compliance with the designation, including attempted transactions.”
CMREs were also directed to file suspicious transaction reports with the Nigerian Financial Intelligence Unit (NFIU) for further analysis of the financial activities.
SEC directed operators to “report as a suspicious transaction report to the NFIU, all cases of name matching in financial transactions prior to or after receipt of this Sanctions List”.
The regulator also directed capital market operators to prohibit dealings with the designated persons and entities and to continue monitoring 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 circular takes immediate effect, according to the commission.
SEC said failure to comply with the directives constitutes a violation of the Investments and Securities Act, 2025, and its AML/CFT Rules and Regulations.
“Such violation would attract appropriate regulatory sanctions, including fines, suspension of operations, or revocation of registration,” the commission added.
The commission 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 was designated for involvement in terrorism financing and membership of ISWAP.
The commission said Chiroma was listed on June 18 for alleged involvement in terrorism financing using bureau de change (BDC) and related corporate entities to facilitate the movement of funds linked to terrorist activities.
SEC said Adamu was listed on June 15 for allegedly providing financial support and facilitating transactions linked to the financing network of the ISWAP Okene cell.
Ibrahim, according to the commission, 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 alleged involvement in facilitating or channelling funds connected to the ISWAP Okene financing network.
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.
