SEC Freezes Assets of Six Terrorism Financiers in Nigeria

The Securities and Exchange Commission (SEC) has mandated capital market operators in Nigeria to freeze the funds, assets, and economic resources associated with six individuals and three companies identified as terrorism financiers. This directive was communicated via a circular to Capital Market Regulated Entities (CMREs) after the individuals and companies were added to the Nigeria Sanctions List.

The action aligns with the Terrorism (Prevention and Prohibition) Act 2022 and Nigeria’s sanctions framework. The designated individuals include Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu, and Yakubu Ogirima Ibrahim, while the companies are Nine to Nine BDC Ltd, Generation Currency BDC Ltd, and Abbal Bako & Sons Bureau de Change.

The Nigeria Sanctions Committee added these entities in June 2026 due to investigations linking them to terrorist financing networks related to the Islamic State West Africa Province (ISWAP). SEC requires operators to report frozen assets and suspicious transactions to the Nigeria Sanctions Committee and the Nigerian Financial Intelligence Unit.