SEC orders asset freeze for six alleged terror financiers
The Securities and Exchange Commission (SEC) has instructed capital market operators to freeze the assets and funds of six individuals and three companies accused of financing terrorism. This action follows a circular sent to all regulated entities, targeting those listed by the Nigeria Sanctions Committee. The individuals and companies are alleged to have supported or facilitated operations for groups like the Islamic State West Africa Province. The SEC emphasized the need for immediate compliance and warned of strict penalties for violations.
TLDR
- The SEC directed market operators to freeze assets of six named individuals and three companies linked to terrorism financing.
- Babangida Muhammed Adamu Hammajam was listed on June 18, 2026, and Muktar Muhammad Adamu on June 15, 2026, for their alleged roles in supporting ISWAP.
- The sanctioned companies include Nine to Nine BDC Ltd, Generation Currency BDC Ltd, and Abbal Bako & Sons Bureau de Change.
- Operators must submit compliance reports and file Suspicious Transaction Reports with the Nigerian Financial Intelligence Unit.
- Non-compliance will result in severe regulatory sanctions, including financial penalties and possible licence revocation.
