SEC orders freeze of terrorist financiers’ assets
SEC has directed capital market operators to freeze the assets of six individuals and three entities designated as terrorist financiers by the Nigeria Sanctions Committee.
The Securities and Exchange Commission (SEC) has directed Capital Market Operators (CMOs) to freeze the funds, assets and other economic resources belonging to six individuals and three entities designated as terrorist financiers. SEC said the terrorists’ financiers were tagged as so by the Nigeria Sanctions Committee (NSC). SEC, in a circular on Friday to all Capital Market Regulated Entities (CMREs), said the directive was made in line with the Terrorism Prevention and Prohibition Act (TPPA) 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 designated entities are Nine to Nine Bureau De Change (BDC) Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau De Change.
SEC said Hammajama was listed on June 18, 2026, for involvement in terrorism financing and support for the Islamic State West Africa Province (ISWAP), while Usman was called for providing material support to a designated terrorist organisation through repeated financial transactions. The commission said Abubakar was listed for involvement in terrorism financing and membership of ISWAP, while Chiroma was involved for allegedly using Bureau De Change (BDC) operations and related corporate entities to facilitate the movement of funds linked to terrorist activities.
The freezing of assets is a significant step in the fight against terrorism financing. The use of BDCs to move funds highlights the vulnerability of Nigeria’s financial system to exploitation. The directive will disrupt the financing networks of ISWAP and send a message that the government is serious about cutting off the flow of funds to terrorists.
This echoes the 2022 asset freezes linked to terrorism financing, which also targeted individuals and entities. The mechanism then was different, but the result was the same: a focus on disrupting terrorist financing.
The winners: the Nigerian government, which is disrupting terrorist financing; and the Nigerian public, who are protected from terrorism. The losers: the designated individuals and entities, who face financial isolation; and the Nigerian financial system, which must remain vigilant.
Bottom Line: SEC has ordered asset freezes for terrorist financiers. The fight against terrorism is being taken to the money. The question is whether the freeze will be effective or the funds will find another route.