The Securities and Exchange Commission (SEC) has directed capital market operators to immediately freeze funds, assets and other economic resources linked to six individuals and three entities designated as terrorist financiers by the Nigeria Sanctions Committee (NSC).

The directive was contained in a circular issued to Capital Market Regulated Entities (CMREs) on Friday, following the designations made under the Terrorism Prevention and Prohibition Act (TPPA) 2022.

The individuals listed 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.

The SEC said the individuals were designated for various alleged links to terrorism financing and material support, including activities connected to the Islamic State West Africa Province (ISWAP).

According to the commission, some of the individuals were allegedly involved in financing or supporting ISWAP cells, while Chiroma was accused of using Bureau de Change operations and related companies to facilitate the movement of funds associated with terrorist activities.

The commission said the three companies were designated over their alleged roles in facilitating or channeling funds linked to the ISWAP Okene financing network.

Under the directive, capital market operators are required to identify and freeze the affected funds, assets and economic resources without prior notice to the designated individuals or entities.

Operators must also report frozen assets, attempted transactions and other compliance measures to the Secretariat of the Nigeria Sanctions Committee.

The SEC further directed regulated entities to submit suspicious transaction reports to the Nigerian Financial Intelligence Unit (NFIU) for analysis and to treat all financial transactions involving possible name matches with the designated persons or entities as suspicious.

Capital market operators are also required to prevent further dealings with the listed individuals and entities and maintain continuous monitoring for transactions involving them.

The commission warned that the directive takes immediate effect and that failure to comply would amount to a violation of the Investments and Securities Act 2025 and the SEC’s Anti-Money Laundering/Combating the Financing of Terrorism rules.

It said non-compliant operators could face regulatory measures, including fines, suspension of operations or revocation of registration.

The SEC also reiterated that unusual and suspicious transactions must be reported promptly to the NFIU in accordance with applicable regulations.