SEC Orders Capital Market Operators to Freeze Assets Traced to 9 Terrorism Financiers

•⁠  ⁠Admits blockchain into its accelerated regulatory incubation programme  Ndubuisi Francis in Abuja and Emma Okonji in Lagos The Securities and Exchange Commission (SEC) has directed Capital Market Operators (CMOs) to freeze assets, including monies traced to six individuals and three entities on the Nigeria Sanctions List. This comes as the Commission has admitted blockchain into its Accelerated Regulatory Incubation Programme (ARIP), marking an important step in the company’s long-term commitment to Nigeria and its broader expansion across Africa. The Commission which conveyed its directive to CMOs via a circular to all Capital Market Regulated Entities (CMREs), said the action was made in line with the Terrorism Prevention and Prohibition Act (TPPA) 2022. The individuals and entities had earlier been designated by the Nigeria Sanctions Committee (NSC) under the Terrorism Prevention and Prohibition Act (TPPA), 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 individuals are Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu and Yakubu Ogirima Ibrahim. The three designated entities are Nine to Nine Bureau De Change (BDC) Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau De Change. SEC said Hammajama was listed on June 18, 2026, for involvement in terrorism financing and support for the Islamic State West Africa Province (ISWAP), while Usman was called for providing material support to a designated terrorist organisation through repeated financial transactions. Abubakar, SEC disclosed, was listed for involvement in terrorism financing and membership of ISWAP, while Chiroma was involved for allegedly using Bureau De Change (BDC) operations and related corporate entities to facilitate the movement of funds linked to terrorist activities. According to the circular, Adamu was listed on June 15, 2026, for providing financial support and facilitating transactions linked to the financing network of the ISWAP Okene cell, while Ibrahim was involved in providing material and financial support to the ISWAP Kogi cell. It noted that the three entities were listed for their alleged involvement in facilitating and channelling funds connected to the ISWAP Okene financing network. SEC therefore, directed all CMREs to immediately identify and freeze, without prior notice, all funds, assets and other economic resources in their possession belonging to the designated persons and entities. It further directed the entities to report frozen assets and other compliance actions, including attempted transactions, to the Secretariat of the Nigeria Sanctions Committee. The circular said, “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.” It directed that operators must also notify the Nigeria Sanctions Committee of assets frozen and actions taken in compliance with the designation, including attempted transactions. “Report to the Secretariat of the Nigeria Sanctions Committee, any assets frozen or actions taken in compliance with the designation, including attempted transactions.” The SEC further directed CMREs to submit suspicious transaction reports to the Nigerian Financial Intelligence Unit (NFIU) for further analysis of financial activities involving the designated persons and entities. “Report as a suspicious transactions report to the NFIU, all cases of name matching in financial transactions prior to or after receipt of this Sanctions List”. The regulator also ordered capital market operators to halt dealings with the designated individuals and entities and maintain surveillance of transactions involving them. “Take note that at all times, any unusual or suspicious transactions MUST be promptly reported to the Nigerian Financial Intelligence Unit (NFIU),” SEC said. The Commission  directed regulated entities to immediately file suspicious transaction reports with the Nigerian Financial Intelligence Unit (NFIU) for further analysis of the financial activities, even as it instructed operators to report any suspicious transactions, and all cases of name matches in financial transactions, whether occurring before or after receipt of the sanctions list. The regulated entities were also required to prohibit dealings with the listed persons and entities and c

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