SEC Freezes Assets of Nine Terrorism Financiers in Nigeria

The Securities and Exchange Commission (SEC) issued a directive to all Capital Market Regulated Entities (CMREs) to freeze assets associated with nine individuals and three entities identified as terrorism financiers by the Nigeria Sanctions Committee (NSC). This action aligns with the Terrorism Prevention and Prohibition Act (TPPA) 2022.

The individuals listed include Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu, and Yakubu Ogirima Ibrahim. The entities involved are Nine to Nine Bureau De Change (BDC) Ltd, Generation Currency BDC Ltd, and Abbal Bako & Sons Bureau De Change.

Hammajam and Usman were noted for their roles in financing the Islamic State West Africa Province (ISWAP), while others were involved in facilitating financial transactions linked to terrorism. The SEC mandated immediate identification and freezing of all funds and assets belonging to these individuals and entities, with compliance required to be reported to the NSC.

Non-compliance could lead to regulatory sanctions under the Investments and Securities Act, 2025.