Nigeria SEC Cracks Down On Terrorism Financiers, Freezes Assets

The Nigerian Securities and Exchange Commission has taken a significant step in the fight against terrorism by directing capital market operators to freeze assets linked to several individuals and entities accused of financing terrorist activities. This move is in accordance with the Terrorism Prevention and Prohibition Act of 2022. The individuals and entities in question, who have been designated by the Nigeria Sanctions Committee, include six persons and three entities that have been implicated in the financing of terrorism. The affected individuals are Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu, and Yakubu Ogirima Ibrahim, while the entities are Nine to Nine Bureau De Change Ltd, Generation Currency BDC Ltd, and Abbal Bako & Sons Bureau De Change. According to the SEC, these individuals and entities have been involved in various activities that support terrorism, including the provision of financial support to terrorist organizations and the facilitation of transactions linked to terrorist activities. The SEC has instructed all capital market regulated entities to immediately identify and freeze any assets belonging to these individuals and entities, and to report any frozen assets and compliance actions to the Nigeria Sanctions Committee. The regulator has also directed operators to submit suspicious transaction reports to the Nigerian Financial Intelligence Unit for further analysis. This move is part of a broader effort by the Nigerian government to combat terrorism and prevent the financing of terrorist activities. The SEC has emphasized the importance of vigilance and cooperation among capital market operators in identifying and reporting suspicious transactions that may be linked to terrorism.