Nigeria SEC orders asset freeze for suspected terrorism financiers

The Securities and Exchange Commission (SEC) has ordered capital market operators to immediately freeze all funds, assets, and economic resources belonging to six individuals and three entities designated as terrorist financiers.

The Nigeria Sanctions Committee (NSC) identified the individuals—Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu, and Yakubu Ogirima Ibrahim—and the entities—Nine to Nine BDC Ltd, Generation Currency BDC Ltd, and Abbal Bako & Sons Bureau de Change—under the Terrorism Prevention and Prohibition Act (TPPA) 2022.

The designation follows allegations of facilitating transactions linked to the Islamic State West Africa Province (ISWAP), specifically its Okene and Kogi cells. Regulated entities are required to act without prior notice and report all frozen assets, attempted transactions, and compliance actions to the NSC Secretariat. Additionally, operators must file suspicious transaction reports with the Nigerian Financial Intelligence Unit (NFIU).