The Securities and Exchange Commission, SEC, has directed capital market operators to immediately freeze funds, assets and other economic resources belonging to six individuals and three entities designated as terrorist financiers by the Nigeria Sanctions Committee.
The directive was contained in a circular issued on Friday to all Capital Market Regulated Entities, in line with the Terrorism Prevention and Prohibition Act, 2022.
The six individuals are Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu and Yakubu Ogirima Ibrahim.
The three entities are Nine to Nine BDC Limited, Generation Currency BDC Limited and Abbal Bako and Sons Bureau de Change.
According to the SEC, the individuals were designated over alleged involvement in terrorism financing and providing material or financial support to the Islamic State West Africa Province, ISWAP.
The Commission said some of the suspects allegedly facilitated transactions linked to ISWAP financing networks, including the Okene and Kogi cells, while one was accused of using Bureau de Change operations and related companies to facilitate the movement of funds linked to terrorist activities.
The SEC also said the three designated entities were allegedly involved in facilitating and channelling funds connected to the ISWAP Okene financing network.
The Commission has ordered regulated capital market operators to identify and freeze the affected funds, assets and economic resources without prior notice.
Operators are also required to report frozen assets, attempted transactions and other compliance actions to the Secretariat of the Nigeria Sanctions Committee.
The SEC further directed the filing of suspicious transaction reports with the Nigerian Financial Intelligence Unit, NFIU, for further analysis.
It said all financial transactions involving name matches with the designated persons or entities must be treated as suspicious, whether they occurred before or after the sanctions list was received.
Regulated entities have also been instructed to prohibit dealings with the designated individuals and companies and maintain continuous monitoring for any transactions involving them.
The SEC warned that failure to comply with the directive would amount to a violation of the Investments and Securities Act, 2025, as well as its Anti-Money Laundering and Countering the Financing of Terrorism rules.
It said offenders could face regulatory sanctions, including fines, suspension of operations or revocation of registration.
The Commission also reminded capital market operators that all unusual or suspicious transactions must be promptly reported to the NFIU.
