Nigeria SEC Freezes Assets of 9 Terrorism Financiers

Nigeria's Securities and Exchange Commission has ordered capital market operators to immediately freeze the assets and funds of six individuals and three entities designated as terrorist financiers by the Nigeria Sanctions Committee. The directive, issued in a circular to all Capital Market Regulated Entities, targets individuals and companies alleged to have facilitated financing for the Islamic State West Africa Province (ISWAP).

The six individuals named are Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu, and Yakubu Ogirima Ibrahim. The three designated entities are Nine to Nine BDC Ltd, Generation Currency BDC Ltd, and Abbal Bako Sons Bureau de Change. According to the SEC, the designations were made in line with the Terrorism Prevention and Prohibition Act of 2022.

The commission detailed the alleged roles of the designated parties. Hammajam was listed on June 18, 2026, for involvement in terrorism financing and support for ISWAP. Usman was designated for providing material support to a terrorist organization through repeated financial transactions. Abubakar was listed for involvement in terrorism financing...