The Securities and Exchange Commission (SEC) has asked capital market operators to immediately freeze funds, assets and other economic resources connected to six individuals and three entities designated as terrorist financiers by the Nigeria Sanctions Committee.
This was disclosed in a circular issued to all Capital Market Regulated Entities on Friday. It said the designations were in line with the Terrorism Prevention and Prohibition Act, 2022.
The six 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 and Sons Bureau de Change.
On June 18, 2026, the commission marked Hammajam for sanctions for allegedly engaging in terrorism financing and supporting the Islamic State West Africa Province (ISWAP).
Usman was named for allegedly providing material support to a designated terrorist organization thru repeated financial transactions.
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The SEC said Abubakar was sanctioned for alleged terrorism financing and membership of ISWAP while Chiroma was accused of using Bureau De Change operations and associated corporate entities to facilitate the movement of funds allegedly linked to terrorist activities.
Muktar Muhammad Adamu was listed on June 15 for allegedly providing financial support and facilitating transactions linked to the financing network of the ISWAP Okene cell.
Yakubu Ogirima Ibrahim was also listed for allegedly supplying material and financial aid to the ISWAP Kogi cell.
The three BDC entities were listed for their alleged roles in facilitating and channeling funds associated with the ISWAP Okene financing network.
The SEC directed regulated entities to immediately identify and freeze, without notice, all funds, financial assets and other economic resources of the designated persons and companies.
Operators were also told to report frozen assets, attempted transactions and any other compliance actions to the Secretariat of the Nigeria Sanctions Committee.
The commission also urged operators to file suspicious transaction reports with the Nigerian Financial Intelligence Unit for further probing of the financial transactions involved.
The commission said capital market operators should treat name matches involving the listed individuals and entities as suspicious and report them, regardless of when the transactions took place in relation to receipt of the sanctions list.
Further, the regulated entities were advised to stop dealing with the designated persons and organizations and to undertake ongoing surveillance of transactions involving them.
The SEC said any findings should be forwarded to the Nigeria Sanctions Committee thru its designated reporting channel.
The directive was effective immediately and failure to comply would constitute breach of the Investments and Securities Act, 2025, and its Anti-Money Laundering and Combating the Financing of Terrorism rules, the commission said.
Violations could lead to penalties including fines, suspension of operations or revocation of registration, it said.
The SEC also reminded operators of the capital market of their obligation to report all unusual or suspicious transactions to the NFIU immediately.