The Securities and Exchange Commission (SEC) has ordered an immediate freeze on the funds and assets of six individuals and three companies accused of being linked to terrorism financing.
The directive has sent a fresh warning through Nigeria’s capital market, with operators ordered to block all dealings involving the designated persons and entities without prior notice.
The SEC issued the directive in a circular to Capital Market Regulated Entities (CMREs), citing their designation by the Nigeria Sanctions Committee (NSC) under the Terrorism Prevention and Prohibition Act, 2022.
Those affected are Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu and Yakubu Ogirima Ibrahim.
Three Bureau de Change companies — Nine to Nine BDC Limited, Generation Currency BDC Limited and Abbal Bako & Sons Bureau de Change — were also named on the sanctions list.
According to the SEC, Hammajam was designated on June 18, 2026, over alleged involvement in terrorism financing and support for the Islamic State West Africa Province (ISWAP).
Usman was accused of providing material support to a designated terrorist organisation through repeated financial transactions, while Abubakar was listed over alleged terrorism financing and membership of ISWAP.
Chiroma, the commission said, allegedly used BDC operations and associated corporate entities to facilitate the movement of funds connected to terrorist activities.
Muktar Muhammad Adamu was designated on June 15, 2026, for allegedly providing financial support and facilitating transactions linked to the ISWAP Okene cell’s financing network.
Yakubu Ogirima Ibrahim was similarly listed over alleged material and financial support for the ISWAP Kogi cell.
The SEC said the three companies were designated because of alleged links to the facilitation and channelling of funds connected to the ISWAP Okene financing network.
Under the new directive, capital market operators must immediately identify and freeze any funds, assets or economic resources belonging to the listed individuals and companies.
No warning is required before the freeze.
Operators must also report frozen assets, attempted transactions and other compliance measures to the Secretariat of the Nigeria Sanctions Committee.
The SEC further ordered regulated entities to file suspicious transaction reports with the Nigerian Financial Intelligence Unit (NFIU), allowing authorities to scrutinise the financial activities linked to the designated persons and entities.
Financial institutions were also told to treat transactions involving names matching those on the sanctions list as suspicious, regardless of whether the transactions occurred before or after the list was received.
The commission directed operators to completely prohibit dealings with the affected individuals and companies and maintain continuous surveillance for any attempt to move money or conduct transactions involving them.
The SEC warned that the directive takes immediate effect and that failure to comply could amount to a breach of the Investments and Securities Act, 2025, as well as the commission’s anti-money laundering and counter-terrorism financing regulations.
Defaulters could face serious regulatory consequences, including hefty fines, suspension of operations or outright cancellation of their registration.
The commission also reminded all capital market operators that unusual and suspicious financial transactions must be reported promptly to the NFIU.
The latest action underscores the growing scrutiny of Nigeria’s financial system as authorities intensify efforts to block the movement of funds suspected to be supporting terrorist networks.
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