SEC orders fresh asset freeze over alleged terrorism financing, names nine more

The Securities and Exchange Commission (SEC) has ordered all capital market operators to immediately freeze funds, assets and other economic resources linked to six individuals and three entities newly designated by the Nigeria Sanctions Committee (NSC) as alleged terrorist financiers in the latest escalation of Nigeria’s crackdown on illicit financial flows.

The directive, contained in a circular issued to all Capital Market Regulated Entities (CMREs), followed the designation of the individuals and entities under the Terrorism Prevention and Prohibition Act (TPPA) 2022 and their inclusion on the Nigeria Sanctions List.

The SEC directed regulated entities to act without prior notice and report all frozen assets, attempted transactions and other compliance actions to the Secretariat of the Nigeria Sanctions Committee.

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 Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau de Change (BDC).

According to the SEC, the individuals were designated for alleged involvement in terrorism financing, providing material or financial support to terrorist organisations and facilitating transactions linked to the Islamic State West Africa Province (ISWAP), including its Okene and Kogi cells.

The three BDC entities were similarly listed for their alleged involvement in facilitating or channelling funds connected to the ISWAP Okene financing network.

The latest directive comes against the backdrop of an earlier sanctions exercise in which the SEC ordered the freezing of assets belonging to 10 individuals and three entities allegedly linked to terrorism financing across Nigeria’s capital…