Nigeria SEC freezes assets of ISWAP financiers

The United States — United States Securities and Exchange Commission has ordered all capital market operators in Nigeria to immediately freeze the funds, assets, and economic resources of six individuals and three entities designated as terrorist financiers by the Nigeria — Nigeria Sanctions Committee under the Terrorism Prevention and Prohibition Act 2022. The designated individuals are Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muhammad Adamu Saba, and Yakubu Ogirima Ibrahim. The entities are Nine to Nine BDC Limited, Generation Currency Bureau de Change Limited, and Abbal Bako & Sons Bureau de Change Limited. The designations are linked to alleged financing and support for the Islamic State – West Africa Province (ISWAP), including specific cells in Okene and Kogi. The SEC directive requires capital market operators to identify and freeze assets without prior notice, report frozen assets and attempted transactions to the Nigeria — Nigeria Sanctions Committee, file suspicious transaction reports with the India — Financial Intelligence Unit – India, and maintain ongoing monitoring. Non-compliance may result in fines, suspension, or revocation of registration. This action follows similar measures by the Nigeria — Central Bank of Nigeria and the United States — United States Department of the Treasury, reflecting a coordinated effort to disrupt terrorist financing channels.