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Nigeria SEC orders asset freeze on six individuals and three terrorism financiers
The Securities and Exchange Commission (SEC) has ordered capital market operators to immediately freeze the assets and economic resources of six individuals and three entities designated as terrorist financiers.
The directive, issued via a circular to all Capital Market Regulated Entities (CMREs), follows a designation by the Nigeria Sanctions Committee (NSC) under the Terrorism Prevention and Prohibition Act (TPPA) 2022. The designated individuals include Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu, and Yakubu Ogirima Ibrahim.
The three entities identified are Nine to Nine BDC Ltd, Generation Currency BDC Ltd, and Abbal Bako & Sons Bureau de Change. These entities are allegedly involved in facilitating and channeling funds to the Islamic State West Africa Province (ISWAP) Okene financing network. Specific allegations against the individuals include providing material support to terrorist organizations and facilitating transactions for ISWAP cells in Okene and Kogi.
Entities
Generation Currency BDC Ltd · Islamic State West Africa Province · Nigeria Sanctions Committee · Nine to Nine BDC Ltd · Securities and Exchange Commission
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 2 SOURCES] The three entities were allegedly involved in channeling funds to the ISWAP Okene financing network. citybusinessnews.com · dailytrust.com
- [● 2 SOURCES] Capital Market Regulated Entities must freeze all identified funds and assets without prior notice. citybusinessnews.com · dailytrust.com
- [● 3 SOURCES] The directive was issued via a circular to all Capital Market Regulated Entities (CMREs). citybusinessnews.com · dailytrust.com
- [● 3 SOURCES] The SEC directed capital market operators to freeze assets belonging to six individuals and three entities. citybusinessnews.com · dailytrust.com
- [● 3 SOURCES] The Nigeria Sanctions Committee designated the six individuals and three entities as terrorist financiers. citybusinessnews.com · dailytrust.com
- [● 3 SOURCES] The asset freeze is being conducted in accordance with the Terrorism Prevention and Prohibition Act (TPPA) 2022. citybusinessnews.com · dailytrust.com
- [● 3 SOURCES] The three designated entities are Nine to Nine BDC Ltd, Generation Currency BDC Ltd, and Abbal Bako & Sons Bureau de Change. citybusinessnews.com · dailytrust.com
- [● 3 SOURCES] Babangida Muhammed Adamu Hammajam was designated for alleged involvement in terrorism financing and support for ISWAP. citybusinessnews.com · dailytrust.com