SEC
The Securities and Exchange Commission (SEC) has issued a directive ordering all Capital Market Operators (CMOs) to immediately freeze all funds, assets, and economic resources belonging to six individuals and three Bureau De Change (BDC) firms designated as terrorist financiers.
The directive, contained in a circular released on Friday, August 14, 2026, aligns with the provisions of the Terrorism Prevention and Prohibition Act (TPPA) 2022 following the sanctioning of the individuals and entities by the Nigeria Sanctions Committee (NSC).
Designated Individuals and Entities
The SEC identified the designated individuals and corporate bodies as key conduits for funding terrorist operations, particularly those linked to the Islamic State West Africa Province (ISWAP).
The individuals include:
Babangida Muhammed Adamu Hammajam: Listed on June 18, 2026, for providing financial support to ISWAP.
Abdullahi Umar Usman: Designated for facilitating repeated financial transactions in support of a listed terrorist organization.
Ibrahim Abubakar: Listed for active membership in ISWAP and involvement in terror financing.
Adamu Chiroma: Accused of utilizing BDC operations and corporate structures to move terror-linked funds.
Muktar Muhammad Adamu: Listed on June 15, 2026, for facilitating financial networks tied to the ISWAP Okene cell.
Yakubu Ogirima Ibrahim: Designated for providing material and financial support to the ISWAP Kogi cell.
The Entities listed are:
Nine to Nine Bureau De Change (BDC) Ltd
Generation Currency BDC Ltd
Abbal Bako & Sons Bureau De Change
The three BDCs were sanctioned for their role in channeling and facilitating transactions linked to ISWAP’s financial network in Okene, Kogi State.
Mandatory Compliance Requirements for Capital Market Entities
The regulator instructed all Capital Market Regulated Entities (CMREs) to execute the following measures immediately and without prior notice to the affected parties:
Asset Freezing: Identify and block all assets, accounts, and economic resources belonging to the designated individuals and firms.
Transaction Monitoring: Prohibit any ongoing or future business dealings with the listed parties and continuously screen transaction logs for matches.
Regulatory Reporting: Report all frozen assets, compliance actions, and attempted transactions to the Secretariat of the Nigeria Sanctions Committee (NSC).
NFIU & NSC Filings: File Suspicious Transaction Reports (STRs) with the Nigerian Financial Intelligence Unit (NFIU) for deeper financial analysis, and report any name-match findings to the NSC.
The SEC emphasised that the circular takes effect immediately, warning that non-compliance constitutes a severe breach of the Investments and Securities Act (ISA) 2025 and the SEC AML/CFT Rules and Regulations. Defaulting entities risk strict sanctions, including heavy financial penalties, operational suspensions, or the complete revocation of their registration.
