SEC Freezes Assets Linked To Six Individuals, Three Entities Over Terrorism Financing

The Securities and Exchange Commission has directed capital market operators to freeze funds and other economic resources linked to six individuals and three entities designated by the Nigeria Sanctions Committee.

The order covers accounts and assets connected to alleged terrorism financing. It also requires capital market firms to screen their records, block matching assets and report any confirmed links to the commission.

Punch reported that the directive was contained in a circular to capital market operators. Daily Trust also reported the same order, saying the SEC tied the action to the Terrorism Prevention and Prohibition Act and the Nigeria Sanctions Committee list.

The reports name the affected persons as Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu and Yakubu Ogirima Ibrahim. The listed entities are Nine to Nine Bureau De Change Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau De Change.

The commission warned operators not to make funds, financial assets or economic resources available to the designated persons or entities. It also asked them to preserve records connected to any matches and file reports where necessary.

The directive requires operators to act without prior notice where they identify matching funds or other economic resources.

Sources: Punch, Daily Trust