The Securities and Exchange Commission has directed capital market operators to immediately freeze the funds, assets, and economic resources of six individuals and three entities designated as terrorist financiers by the Nigeria Sanctions Committee.
The directive, issued in a circular to all Capital Market Regulated Entities, follows the designation of the individuals and entities under the Terrorism Prevention and Prohibition Act 2022. The six named individuals are Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu, and Yakubu Ogirima Ibrahim, while the three designated firms are Nine to Nine BDC Ltd, Generation Currency BDC Ltd, and Abbal Bako & Sons Bureau de Change.
According to the SEC, the individuals and entities were designated over alleged involvement in financing the Islamic State West Africa Province, including through Bureau de Change operations allegedly used to move funds linked to the group's Okene and Kogi cells. Operators have been ordered to freeze the listed assets without prior notice, report all compliance actions to the Sanctions Committee, and file suspicious transaction reports with the Nigerian Financial Intelligence Unit. Non-compliance, the SEC warned, could attract fines, suspension, or revocation of registration.