SEC Orders Freeze of Assets Linked to Nine Terrorism Financiers
Nigeria's capital market regulator directs operators to immediately freeze funds and assets of six individuals and three entities designated as terrorism financiers, while admitting blockchain into regulatory sandbox.
Nigeria's capital market regulator directs operators to immediately freeze funds and assets of six individuals and three entities designated as terrorism financiers, while admitting blockchain into regulatory sandbox.
· Updated
The Securities and Exchange Commission has directed Capital Market Operators to immediately freeze all assets and funds belonging to six individuals and three entities designated as terrorism financiers. THISDAY reports the directive was issued via circular to all regulated entities in compliance with the Terrorism Prevention and Prohibition Act 2022.
The designated individuals include 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 Bureau De Change Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau De Change.
SEC stated these parties were designated for various terrorism financing activities, including support for Islamic State West Africa Province (ISWAP) cells and using bureau de change operations to facilitate terrorist funding. The commission ordered operators to report all frozen assets and attempted transactions to the Nigeria Sanctions Committee Secretariat.
Capital market operators must also submit suspicious transaction reports to the Nigerian Financial Intelligence Unit and maintain surveillance on transactions involving the designated parties. Failure to comply may result in fines, suspension of operations, or revocation of registration under the Investments and Securities Act 2025.
Separately, SEC admitted blockchain into its Accelerated Regulatory Incubation Programme, allowing the company to operate within a controlled sandbox environment while the commission develops long-term regulatory frameworks for digital assets.
FAQ
What legal basis did SEC cite for the asset freeze?
The directive was issued under the Terrorism Prevention and Prohibition Act 2022.
What are the consequences for non-compliance with the SEC directive?
Failure to comply may result in fines, suspension of operations, or revocation of registration under the Investments and Securities Act 2025.
