The Securities and Exchange Commission (SEC) has mandated capital market operators to freeze the assets and funds of six individuals and three companies identified as financing terrorism. This action follows a recent designation by the Nigeria Sanctions Committee (NSC), in accordance with the provisions of the Terrorism Prevention and Prohibition Act (TPPA) of 2022.
The six individuals affected are Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu, and Yakubu Ogirima Ibrahim. The three identified entities are Nine to Nine BDC Ltd, Generation Currency BDC Ltd, and Abbal Bako & Sons Bureau de Change.
Hammajam was designated on June 18, 2026, due to his involvement in financing terrorist activities and supporting the Islamic State West Africa Province (ISWAP). Usman is cited for providing material support to terrorist organizations through multiple financial transactions. Abubakar’s involvement with ISWAP and involvement in financing terrorism led to his designation, while Chiroma allegedly facilitated funds linked to terrorism through Bureau De Change operations. Muktar Muhammad Adamu was listed for aiding the ISWAP Okene cell, and Ibrahim for furnishing material and financial support to the ISWAP Kogi cell.
The SEC instructed all Capital Market Regulated Entities (CMREs) to promptly identify and freeze any assets associated with these individuals and entities, without prior notice. It also requires these entities to report frozen assets and any suspicious transactions to the Nigeria Sanctions Committee Secretariat.
Additionally, the SEC has ordered the immediate filing of suspicious transaction reports with the Nigerian Financial Intelligence Unit (NFIU). Regulated entities must stop any dealings with these designated parties and maintain vigilant monitoring for any transactions relating to them. Compliance with these directives is crucial, as failure to adhere may result in sanctions under the Investments and Securities Act, 2025, and other relevant anti-money laundering regulations.
