The Securities and Exchange Commission (SEC) has ordered capital market operators to freeze assets linked to six individuals and three entities designated as terrorist financiers.
This directive was contained in a circular signed by the management of the Commission.
The circular reads, “In line with the provisions of the Terrorism Prevention and Prohibition Act (TPPA), 2022, the Nigeria Sanctions Committee (NSC) has designated six (6) individuals and three (3) entities as terrorist financiers and subsequently added them to the Nigeria Sanctions List.
“Immediately, identify and freeze, without prior notice, all funds, assets, and any other economic resources in their possession, belonging to the designated individuals and entities, and report same to the Secretariat of the Nigeria Sanctions Committee.
“Report to the Secretariat of the Nigeria Sanctions Committee any assets frozen or actions taken in compliance with the designation, including attempted transactions.”
“Take note that at all time, any unusual or suspicious transactions MUST be promptly reported to the Nigerian Financial Intelligence Unit (NFIU).
“This circular takes immediate effect, and failure to comply with these directives constitutes a violation of the Investments and Securities Act, 2025, and the SEC AML/CFT Rules and Regulations. Such violation would attract appropriate regulatory sanctions, including fines, suspension of operations, or revocation of registration.”
The six affected individuals are Babangida Muhammed Adamu Hammajam, Ibrahim Abubakar, Adamu Chiroma, Abdullahi Umar Usman, Muktar Muhammad Adamu and Yakubu Ogirima Ibrahim.
The three entities with frozen assets are Nine to Nine BDC Limited, Generation Currency BDC Limited and Abbal Bako and Sons Bureau de Change.
According to the SEC, the individuals' and entities’ assets were frozen over their alleged involvement in terrorism financing and providing financial support to the Islamic State West Africa Province, ISWAP.
Recall that on June 23, the United States of America released the identities of three Nigerians and six entities allegedly linked to terrorism financing.
As a result of this, two days later, the Central Bank of Nigeria (CBN) issued a directive to banks to freeze the accounts of customers linked to terrorism financing.