SEC Freezes Assets of Six Terrorist Financiers in Nigeria

The Securities and Exchange Commission (SEC) has directed capital market operators to freeze the assets of six individuals and three entities identified as terrorist financiers by the Nigeria Sanctions Committee. This directive, issued via a circular on Friday, aligns with the Terrorism Prevention and Prohibition Act 2022.

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

Hammajam was sanctioned for supporting the Islamic State West Africa Province, while Usman provided material assistance to a terrorist organization. The SEC mandated immediate compliance from capital market operators to identify and freeze all listed assets and report suspicious transactions to the Nigerian Financial Intelligence Unit.

This action is part of Nigeria's intensified efforts to combat insurgent financing in the North-East and North-Central regions.