The Securities and Exchange Commission has directed capital market operators to immediately identify and freeze funds and other assets linked to six individuals and three entities placed on the Nigeria Sanctions List.
The directive was issued under the Terrorism Prevention and Prohibition Act 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 entities are Nine to Nine Bureau De Change Limited, Generation Currency Bureau De Change Limited and Abbal Bako and Sons Bureau De Change.
According to the SEC circular, the individuals and entities were designated by the Nigeria Sanctions Committee over alleged links to terrorism financing and support networks associated with the Islamic State West Africa Province.
Capital market operators were instructed to freeze relevant assets without prior notice and report the action to the sanctions authorities.
They must also report attempted transactions and submit suspicious transaction reports to the Nigerian Financial Intelligence Unit.
The commission directed regulated entities to stop dealings with the designated persons and organisations while maintaining surveillance for additional transactions linked to them.
SEC warned that failure to comply could lead to sanctions under the Investments and Securities Act 2025 and applicable anti money laundering and counter terrorism financing rules.
In a separate regulatory development, Blockchain.com has been admitted into SEC’s Accelerated Regulatory Incubation Programme.
The programme allows qualifying virtual asset and financial technology companies to operate within a controlled testing environment while regulators assess business models, risks and safeguards.
Blockchain.com said participation would allow it to work directly with the SEC as Nigeria develops a more comprehensive regulatory framework for digital assets.
The company said its admission builds on licences and registrations obtained in several other jurisdictions and would support the use of international compliance and consumer protection standards in Nigeria.
