ABUJA – The Securities and Exchange Commission, SEC, has directed all capital market operators to immediately freeze funds, assets and other economic resources belonging to 9 individuals and entities designated as terrorism financiers.

The directive was contained in a circular sent to all Capital Market Regulated Entities, CMREs. The SEC said the designations were made by the Nigeria Sanctions Committee in line with the Terrorism Prevention and Prohibition Act, TPPA, 2022.

Six individuals were listed. They are Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu and Yakubu Ogirima Ibrahim. The three entities named are Nine to Nine BDC Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau de Change.

‎According to the SEC, Hammajam was listed on June 18, 2026, for involvement in terrorism financing and support for ISWAP. Usman was designated for providing material support through repeated financial transactions. Abubakar was listed for terrorism financing and ISWAP membership.

The commission said Chiroma was designated for allegedly using Bureau De Change operations to facilitate movement of funds linked to terrorist activities. Muktar Muhammad Adamu was listed for providing financial support to the ISWAP Okene cell, while Ibrahim was designated for supporting the ISWAP Kogi cell. The 3 BDCs were listed for allegedly channelling funds connected to the ISWAP Okene financing network.

The SEC directed CMREs to immediately identify and freeze, without prior notice, all assets in their possession belonging to the designated persons and entities. Operators are also to report all frozen assets and attempted transactions to the Secretariat of the Nigeria Sanctions Committee.

‎In addition, capital market operators must file suspicious transaction reports with the Nigerian Financial Intelligence Unit, NFIU. The SEC said all name matches in financial transactions, whether before or after the sanctions list, should be reported as suspicious. Dealings with the 9 designated parties are also prohibited.

‎The circular takes immediate effect. The SEC warned that failure to comply is a violation of the Investments and Securities Act, 2025, and the SEC AML/CFT Rules. Violations could attract fines, suspension of operations, or revocation of registration. The commission further reminded operators to promptly report all unusual transactions to the NFIU.