The Securities and Exchange Commission (SEC) has ordered capital market operators to immediately freeze funds, assets and other economic resources linked to six individuals and three entities designated as suspected terrorism financiers by the Nigeria Sanctions Committee.
The directive was contained in a circular issued to Capital Market Regulated Entities on Friday, pursuant to the Terrorism Prevention and Prohibition Act, 2022.
The individuals listed are Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu and Yakubu Ogirima Ibrahim.
The affected entities are Nine to Nine BDC Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau de Change.
The SEC said the designations were linked to alleged financial support for and facilitation of activities associated with the Islamic State West Africa Province (ISWAP).
According to the commission, Hammajam was designated on June 18, 2026, over alleged involvement in terrorism financing and support for ISWAP, while Usman was listed for allegedly providing material support to a designated terrorist organisation through repeated financial transactions.
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 linked to terrorist activities.
The SEC said Muktar Muhammad Adamu was listed on June 15 for allegedly providing financial support and facilitating transactions connected to the ISWAP Okene financing network.
Ogirima Ibrahim was also designated for allegedly providing material and financial support to the ISWAP Kogi cell.
The three companies were similarly designated over their alleged roles in facilitating and channelling funds connected to the ISWAP Okene financing network.
The SEC directed regulated entities to identify and freeze the assets of the designated persons and organisations in their custody without prior notice.
Operators must also report frozen assets, attempted transactions and other compliance measures to the Secretariat of the Nigeria Sanctions Committee.
The commission further directed capital market operators to file suspicious transaction reports with the Nigerian Financial Intelligence Unit for analysis of financial activities linked to the designated persons and entities.
It instructed operators to treat all transactions involving possible name matches as suspicious, regardless of whether they occurred before or after the sanctions list was received.
The SEC also ordered continued monitoring of transactions and prohibited regulated entities from dealing with the designated individuals and organisations.
The commission warned that failure to comply with the directive would constitute a violation of the Investments and Securities Act, 2025, as well as its Anti-Money Laundering and Combating the Financing of Terrorism rules.
Violations, it said, could attract sanctions including fines, suspension of operations and revocation of registration.
The SEC said the directive takes immediate effect and reminded capital market operators to promptly report all unusual and suspicious transactions to the NFIU.
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