The Securities and Exchange Commission has directed capital market operators in Nigeria to immediately freeze funds, assets and other economic resources belonging to six individuals and three entities designated by the Nigeria Sanctions Committee as terrorist financiers.
The directive was issued under the Terrorism Prevention and Prohibition Act, 2022, following the addition of the individuals and entities to the Nigeria Sanctions List. The SEC said all Capital Market Regulated Entities must identify and freeze the affected assets without prior notice to the designated persons.
The six individuals named are Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu and Yakubu Ogirima Ibrahim. The three entities are Nine to Nine BDC Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau de Change.
According to the SEC, the sanctions committee linked the individuals to different forms of alleged terrorism financing. Hammajam was reportedly designated for involvement in terrorism financing and support for the Islamic State West Africa Province, while Usman was accused of providing material assistance to a terrorist organisation through repeated financial transactions.
Ibrahim Abubakar was designated over alleged terrorism financing and direct membership of ISWAP. The SEC also said Adamu Chiroma allegedly used Bureau de Change operations and related corporate structures to move funds connected to terrorist activities.
Muktar Muhammad Adamu was listed for allegedly facilitating financial network operations connected to the ISWAP Okene cell, while Yakubu Ogirima Ibrahim was designated for allegedly providing financial and material support to the ISWAP Kogi cell. The three Bureau de Change companies were similarly linked by the authorities to the alleged Okene financing network.
Under the SEC directive, regulated operators are required to report details of any assets frozen, as well as attempted transactions involving the designated individuals or entities, to the Secretariat of the Nigeria Sanctions Committee.
The commission has also instructed capital market operators to file suspicious transaction reports with the Nigerian Financial Intelligence Unit for further analysis. Operators are expected to continue monitoring transactions involving the designated persons and entities and must not facilitate dealings with them.
The directive forms part of Nigeria’s broader efforts to disrupt the financial networks that sustain terrorist organisations. By targeting the movement and use of funds, authorities hope to make it more difficult for insurgent groups to obtain the resources needed to finance their operations.
The SEC also warned that failure by regulated entities to comply with the directive could attract regulatory sanctions, including fines, suspension of operations or revocation of registration.
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