Nigeria’s 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 terrorism financiers.
The directive follows designations by the Nigeria Sanctions Committee (NSC) under the Terrorism (Prevention and Prohibition) Act, 2022.
The SEC issued the instruction in a circular to Capital Market Regulated Entities (CMREs), directing them to take action without prior notice to the affected persons or entities.
Who Is on the Sanctions List?
The six individuals named by the SEC are:
- Babangida Muhammed Adamu Hammajam
- Abdullahi Umar Usman
- Ibrahim Abubakar
- Adamu Chiroma
- Muktar Muhammad Adamu
- Yakubu Ogirima Ibrahim
The three entities are:
- Nine to Nine BDC Ltd
- Generation Currency BDC Ltd
- Abbal Bako & Sons Bureau de Change
The SEC said the designations relate to alleged financial support, material assistance and other activities connected to terrorist organisations and financing networks.
What the SEC Said About the Individuals
According to the commission, Hammajam, designated on June 18, 2026, was listed over alleged involvement in terrorism financing and support for the Islamic State West Africa Province (ISWAP).
The SEC said Usman was designated for allegedly providing material assistance to a designated terrorist organisation through repeated financial transactions.
Abubakar was listed over alleged terrorism-financing activities and membership of ISWAP, while Chiroma was designated over allegations that Bureau de Change operations and associated companies were used to facilitate the movement of funds connected to terrorist activities.
The commission said Muktar Muhammad Adamu, designated on June 15, 2026, was linked to alleged financial support and transactions associated with the ISWAP Okene financing network.
Yakubu Ogirima Ibrahim was designated over alleged material and financial support connected to the ISWAP Kogi cell.
The SEC said the three companies were similarly designated over their alleged role in facilitating or moving funds associated with the ISWAP Okene financing network.
What Operators Must Do Now
The SEC has instructed regulated entities to take several immediate steps.
Freeze Relevant Assets
CMREs must identify and freeze funds, assets and other economic resources belonging to the designated individuals and entities that are under their control or in their possession.
Report Frozen Assets
Operators must notify the Nigeria Sanctions Committee of frozen assets and other measures taken to comply with the directive.
This includes reporting attempted transactions involving the designated parties.
File Suspicious Transaction Reports
The SEC also ordered regulated entities to submit suspicious transaction reports to the Nigerian Financial Intelligence Unit (NFIU) for further analysis.
Importantly, the commission said potential name matches in financial transactions should be treated as suspicious regardless of whether the transaction occurred before or after the sanctions list was received.
Block Further Dealings
Capital market operators must prevent transactions and other dealings involving the designated persons and entities while maintaining ongoing monitoring for attempts to move funds through the financial system.
Any relevant findings must be communicated to the Nigeria Sanctions Committee through its prescribed reporting channel.
Non-Compliance Could Trigger Sanctions
The directive takes effect immediately.
The SEC warned that failure to comply could amount to a breach of the Investments and Securities Act, 2025, as well as the commission’s AML/CFT rules and regulations.
Possible regulatory consequences include:
- Fines
- Suspension of operations
- Revocation of registration
The commission also reminded market operators that unusual and suspicious transactions must be reported promptly to the NFIU.
The Bigger Implication
The directive places capital market operators under immediate pressure to strengthen sanctions screening, transaction monitoring and suspicious-activity reporting.
For regulated firms, the message is clear: a potential sanctions-list match cannot simply be ignored. Operators must investigate, take the required restrictive measures and report relevant activity through the appropriate channels.