The Securities and Exchange Commission has directed all capital market-regulated entities to immediately identify and freeze, without prior notice, funds, assets and other economic resources belonging to six individuals and three entities designated as terrorist financiers and placed on the Nigeria Sanctions List.
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The directive was contained in a circular signed by the SEC management on June 26, 2026, and published by the Commission on Wednesday.
According to the SEC, the Nigeria Sanctions Committee designated the six individuals and three entities pursuant to the Terrorism Prevention and Prohibition Act, 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 stated.
The six 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.
Following the designations, the SEC directed all Capital Market-Regulated Entities, CMREs, to immediately identify and freeze any funds, assets or other economic resources in their possession or control belonging to the listed individuals and entities.
The Commission stressed that the freezing measures must be implemented without giving prior notice to the affected persons or entities.
“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 SEC directed.
Capital market operators are also required to report to the NSC Secretariat all assets frozen and other measures taken in compliance with the sanctions, including attempted transactions involving any of the designated persons or entities.
The SEC further directed regulated entities to file Suspicious Transaction Reports with the Nigerian Financial Intelligence Unit for further analysis of relevant financial activities.
Operators were specifically instructed to report to the NFIU all cases in which names matching those on the sanctions list appear in financial transactions, whether such transactions occurred before or after receipt of the sanctions list.
The Commission also prohibited capital market operators from conducting dealings with the designated individuals and entities and directed them to continuously monitor transactions that may be connected to them.
“Take Note that at all times, any unusual or suspicious transactions MUST be promptly reported to the Nigerian Financial Intelligence Unit (NFIU),” the SEC stated.
The directive took immediate effect.
The Commission warned that failure by any regulated entity to comply would amount to a violation of the Investments and Securities Act, 2025, as well as applicable Anti-Money Laundering and Countering the Financing of Terrorism rules and regulations.
It warned that violations could attract regulatory measures ranging from fines to suspension of operations and revocation of registration.
“Such violation would attract appropriate regulatory sanctions, including fines, suspension of operations, or revocation of registration,” the Commission added.
Giving details of the basis for the various designations, the SEC said Babangida Muhammed Adamu Hammajam was listed on June 18 over alleged involvement in terrorism financing and alleged support for the Islamic State West Africa Province, ISWAP.
Abdullahi Umar Usman was designated for allegedly providing material support to a designated terrorist organisation through repeated financial transactions.
Ibrahim Abubakar was listed over alleged involvement in terrorism financing and alleged membership of ISWAP.
Adamu Chiroma was listed on June 18 over alleged involvement in terrorism financing, including allegations that bureau de change and related corporate entities were used to facilitate the movement of funds connected with terrorist activities.
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 SEC said the three bureau de change entities — Nine to Nine BDC Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau de Change — were listed on June 15 over allegations that they facilitated or channelled funds connected to the ISWAP Okene financing network.
The SEC directive follows other recent measures targeting persons and entities alleged to be connected with terrorism financing.
On June 23, the United States released the identities of three individuals and six entities it alleged were linked to Islamic State financing, including three Nigerian bureau de change operators.
Two days later, the Central Bank of Nigeria directed banks and other relevant financial institutions to freeze accounts belonging to customers linked to terrorism financing.
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