SEC freezes assets allegedly linked to six terrorist financiers

Nigeria's Securities and Exchange Commission (SEC) has mandated capital market operators to immediately freeze all funds, assets, and economic resources belonging to six individuals and three entities identified as terrorist financiers. This directive stems from their designation by the Nigeria Sanctions Committee, in accordance with the Terrorism Prevention and Prohibition Act 2022.

The sanctioned individuals include Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu, and Yakubu Ogirima Ibrahim. The corporate entities affected are Nine to Nine BDC Ltd, Generation Currency BDC Ltd, and Abbal Bako & Sons Bureau de Change. Hammajam is accused of financing terrorism and supporting the Islamic State West Africa Province (ISWAP). Usman allegedly provided material assistance through repeated financial transactions, while Abubakar is cited for direct membership in ISWAP and terrorism financing.

Further details reveal that Chiroma allegedly used Bureau De Change operations to move funds linked to terrorist activities. Muktar Adamu is implicated in facilitating financial networks for the ISWAP Okene cell, and Ibrahim is accused of providing financial and material support to the ISWAP Kogi cell. The three Bureau De Change companies were indicted for channeling funds connected to the Okene financing network.

This action is part of intensified efforts by Nigerian authorities to disrupt the financial lifelines of insurgent groups, particularly in the North-East and North-Central regions. The SEC's directive requires regulated entities to identify and freeze listed assets without prior notification. Operators must submit comprehensive compliance reports, including details of any frozen assets or attempted transactions, to the Nigeria Sanctions Committee. Additionally, they are instructed to file Suspicious Transaction Reports directly with the Nigerian Financial Intelligence Unit.