SEC Freezes Assets of 13 Market Entities Over Terror Links

Nigeria’s Securities and Exchange Commission (SEC) has ordered the immediate freezing of assets linked to 13 entities operating within the capital market over alleged ties to terrorism financing in a sweeping compliance directive issued on Monday.

The directive follows the designation of 10 individuals and three entities on the Nigeria Sanctions List by the Nigeria Sanctions Committee, triggering enforcement actions across the financial system.

The Commission said the move was backed by provisions of the Terrorism (Prevention and Prohibition) Act, 2022, which mandates the freezing of all funds, assets and economic resources associated with designated persons and organisations without prior notice.

According to the SEC, all Capital Market Operators and stakeholders have been formally notified of the sanctions and are required to act immediately in line with Section 49 of the Act.

“The directive to free accounts and halt all transactions with the flagged entities is binding on all capital market operators and stakeholders, with strict reporting and compliance obligations, including the immediate identification and freezing of all assets linked to designated individuals and entities without prior notification. Mandatory reporting of frozen assets and attempted transactions to the Nigeria Sanctions Committee Secretariat,” it stated.

Further details indicate that several of the individuals were previously convicted by the Abu Dhabi Federal Court of Appeal in April 2019 for terrorism financing linked to Boko Haram.

The offences involved the alleged collection of funds in Dubai and their transfer to Nigeria to support terrorist operations, with sentences ranging from 10 years’ imprisonment to life.

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“This highlights a pattern where corporate vehicles are used as channels for financial flows, reinforcing the need for heightened scrutiny of business entities within the financial system,” it stated.

The SEC also emphasised that the asset-freezing mechanism is preventive rather than punitive, designed to disrupt financial support systems for terrorism before funds can be deployed.

It said the implications for non-compliance are severe, including both civil and criminal liabilities, as well as reputational damage for institutions found wanting.

The Commission added that the directive extends beyond traditional financial institutions to Designated Non-Financial Businesses and Professions, signalling a broader enforcement push across Nigeria’s financial ecosystem.

It said the action underscores its zero-tolerance stance on anti-money-laundering and counterterrorism financing violations in the capital market, stressing the need for real-time compliance and continuous monitoring.

“For market operators, the trading systems must be capable of rapid name screening, asset tracing, and reporting, while compliance teams are expected to act without delay or prior notice to affected clients.

“It has to be noted that failure to comply not only exposes firms to regulatory sanctions but also risks damaging their credibility in both domestic and international markets,” the SEC added.

List of the Designated Individuals and Entities

According to an earlier disclosure by the SEC, the names of the individuals and entities subject are as follows:

Abdurrahman Musa Ado
Reason for designation: On April 17, 2019, the Abu Dhabi Federal Court of Appeal convicted and sentenced him to 10 years in prison for collaborating with Boko Haram by collecting funds in Dubai and transferring them to Nigeria.
Bashir Ali Yusuf
Reason for designation: On April 17, 2019, the Abu Dhabi Federal Court of Appeal convicted and sentenced him to 10 years in prison for collaborating with Boko Haram by collecting funds in Dubai and sending them to Nigeria.
Ibrahim Ali Alhassan
Reason for designation: On April 17, 2019, the Abu Dhabi Federal Court of Appeal convicted and sentenced him to 10 years in prison for collaborating with Boko Haram by collecting funds in Dubai and transferring them to Nigeria.
Muhammad Ibrahim Isah
Reason for designation: On April 17, 2019, the Abu Dhabi Federal Court of Appeal convicted and sentenced him to 10 years in prison for being a member of Boko Haram/ISWAP responsible for collecting terrorist funds from unidentified sources in Dubai to support operations in Nigeria.
Salihu Yusuf Adamu
Reason for designation: On April 17, 2019, the Abu Dhabi Federal Court of Appeal convicted and sentenced him to life imprisonment for acting as a member of Boko Haram/ISWAP involved in sourcing and channelling terrorist funds from Dubai to Nigeria.
Surajo Abubakar Muhammad
Reason for designation: On April 17, 2019, the Abu Dhabi Federal Court of Appeal convicted him on terrorism-related charges, including facilitating, transporting and exchanging funds from Dubai to Nigeria for Boko Haram activities. He was sentenced to life imprisonment.
Fannami Alhaji Bukar
Reason for designation: Membership of Boko Haram, involvement in terrorism financing, receiving training and providing support to the group.
Muhammed Musa
Reason for designation: Membership of Boko Haram, concealment of information, participation in terrorist meetings and provision of facilities to support terrorist acts.
Sahabi Ismail
Reason for designation: Membership of Boko Haram, concealment of information, participation in terrorist meetings and provision of facilities to support terrorist acts.
Mohammed Saleh Buba
Reason for designation: Membership of Boko Haram, involvement in terrorism financing, receipt of training and provision of support to the group.
Alin Yar Yaya General Enterprises
Reason for designation: On April 17, 2019, the Abu Dhabi Federal Court of Appeal convicted and sentenced its promoter, Bashir Ali Yusuf, to 10 years in prison for raising and transferring funds from Dubai to Nigeria in support of Boko Haram.
K. Are Nigeria Limited
Reason for designation: On April 17, 2019, the Abu Dhabi Federal Court of Appeal convicted and sentenced its promoter, Surajo Abubakar Muhammad, to life imprisonment for joining Boko Haram, pledging allegiance and facilitating the transfer of funds from Dubai to Nigeria for terrorist activities.
Suhailah Bashir General Enterprises
Reason for designation: On April 17, 2019, the Abu Dhabi Federal Court of Appeal convicted and sentenced its promoter, Bashir Ali Yusuf, to 10 years in prison for collaborating with Boko Haram by collecting and transferring funds from Dubai to Nigeria.