The Securities and Exchange Commission has directed operators in Nigeria’s capital market to immediately identify and freeze funds, assets and other economic resources linked to a Nigerian citizen and three companies sanctioned by the United States.

The individuals and entities were designated for allegedly facilitating financial transactions connected to ISIS and ISIS-West Africa.

The directive, issued in a circular titled “Notice of Sanction,” requires all Capital Market Regulated Entities to freeze the assets without prior notice and report the action to the Secretariat of the Nigeria Sanctions Committee. The named individual is Mukhtar Adamu Muhammad, also known as Mukhtar Adamu and Muhammad Mukhtar. The three companies are Generation Currency Bureau De Change Limited, Manhattan Bureau De Change Limited and Nine to Nine Exchange Bureau De Change Limited.

Operators must also report all frozen assets, any actions taken in compliance with the designation, and any attempted transactions involving the sanctioned parties. The Commission further ordered them to file suspicious transaction reports with the Nigerian Financial Intelligence Unit for additional analysis.

Capital market operators have been instructed to prohibit further dealings with the designated individual and companies, continue monitoring related transactions, and report findings to the Nigeria Sanctions Committee. The directive takes immediate effect.

The SEC warned that failure to comply would violate the Investments and Securities Act 2025 and its anti-money laundering and counter-terrorism financing rules.

Non-compliance could attract sanctions including fines, suspension of operations or revocation of registration.

Photo credit: Vanguard News