The Securities and Exchange Commission (SEC) has ordered capital market operators to freeze the funds, assets and other economic resources belonging to six individuals and three companies designated as terrorist financiers by the Nigeria Sanctions Committee (NSC).
The directive was issued in a circular sent to Capital Market Regulated Entities (CMREs) on Friday, with the commission citing provisions of the Terrorism Prevention and Prohibition Act (TPPA) 2022.
The individuals affected by the directive are Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu and Yakubu Ogirima Ibrahim.
The entities named on the sanctions list are Nine to Nine BDC Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau de Change.
The SEC said Hammajam was designated on June 18, 2026, for alleged involvement in terrorism financing and providing support to the Islamic State West Africa Province (ISWAP).
Usman was also designated over alleged material support for a terrorist organisation through repeated financial transactions.
The commission said Abubakar was listed over alleged terrorism financing and membership of ISWAP, while Chiroma was designated for allegedly using Bureau de Change businesses and associated companies to facilitate the transfer of funds linked to terrorist activities.
Muktar Muhammad Adamu was designated on June 15, 2026, over alleged financial support and facilitation of transactions associated with the ISWAP Okene cell financing network.
Yakubu Ogirima Ibrahim was listed for allegedly providing material and financial assistance to the ISWAP Kogi cell.
The SEC said the three designated entities were allegedly involved in facilitating and channelling funds connected to the ISWAP Okene financing network.
Operators ordered to act immediately
The commission directed all capital market operators to immediately identify and freeze, without giving prior notice, any funds, assets or other economic resources belonging to the designated individuals and entities that are in their possession or under their control.
They are also expected to submit reports on frozen assets and other measures taken to comply with the directive to the Secretariat of the Nigeria Sanctions Committee.
The SEC further ordered operators to report attempted transactions involving any of the sanctioned individuals or entities.
In addition, CMREs must submit suspicious transaction reports to the Nigerian Financial Intelligence Unit (NFIU) for analysis of the financial activities connected to the listed persons and organisations.
The commission said operators must treat name matches involving the designated persons or entities as suspicious and report them, irrespective of whether the transaction occurred before or after the sanctions list was received.
Capital market operators were also instructed to prevent further dealings with the designated individuals and entities and maintain ongoing surveillance for transactions involving them.
Any relevant discoveries, the SEC said, should be forwarded to the Nigeria Sanctions Committee through its approved reporting channel.
The directive takes effect immediately.
The commission warned that failure to comply would constitute 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 said non-compliant operators could face regulatory action, including fines, suspension of operations or cancellation of their registration.
The SEC also reiterated that capital market operators must promptly report all unusual and suspicious transactions to the NFIU as part of efforts to strengthen Nigeria's anti-money laundering and counter-terrorist financing framework.
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