Connect with us

News

SEC Orders Fresh Asset Freeze Over Qlleged Terrorism Financing, Names Nine More

Published

on

The Securities and Exchange Commission (SEC) has ordered all capital market operators to immediately freeze funds, assets and other economic resources linked to six individuals and three entities newly designated by the Nigeria Sanctions Committee (NSC) as alleged terrorist financiers in the latest escalation of Nigeria’s crackdown on illicit financial flows.

The directive, contained in a circular issued to all Capital Market Regulated Entities (CMREs), followed the designation of the individuals and entities under the Terrorism Prevention and Prohibition Act (TPPA) 2022 and their inclusion on the Nigeria Sanctions List.

The SEC directed regulated entities to act without prior notice and report all frozen assets, attempted transactions and other compliance actions to the Secretariat of the Nigeria Sanctions Committee.

Advertisement

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 BDC Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau de Change (BDC).

READ ALSO: SEC Orders Immediate Freeze On Assets Of 13 Firms Over Terrorism Financing In Nigeria

Advertisement

According to the SEC, the individuals were designated for alleged involvement in terrorism financing, providing material or financial support to terrorist organisations and facilitating transactions linked to the Islamic State West Africa Province (ISWAP), including its Okene and Kogi cells.

The three BDC entities were similarly listed for their alleged involvement in facilitating or channelling funds connected to the ISWAP Okene financing network.

The latest directive comes against the backdrop of an earlier sanctions exercise in which the SEC ordered the freezing of assets belonging to 10 individuals and three entities allegedly linked to terrorism financing across Nigeria’s capital market.

Advertisement

The earlier action followed their designation by the Nigeria Sanctions Committee and addition to the Nigeria Sanctions List under the Terrorism (Prevention and Prohibition) Act, 2022.

The 10 individuals named in that earlier list included Abdurrahaman Musa Ado, Bashir Ali Yusuf, Ibrahim Ali, Alhassan Muhammad Ibrahim, Isah Salihu Yusuf Adamu, also known as Babangida Adamu, Surajo Abubakar, Mohammad Fannami, Alhaji Bukar Muhammed Musa Sahabi, Ismail Mohammed Saleh and Buba.

READ ALSO: FULL LIST: FG Names 48 Individuals, Groups ‘Linked’ To Financing Terrorism

Advertisement

The three entities named were Alin Yar Yaya General Enterprises, Are Nigeria Limited and Suhailah Bashir General Enterprises.

The earlier sanctions exercise imposed measures including asset freezes, travel restrictions and an arms embargo, according to the sanctions notice.

The SEC’s latest circular reinforces the obligations of capital market operators to identify and block financial resources connected to persons or entities appearing on Nigeria’s sanctions list.

Advertisement

Under the new directive, CMREs are required to immediately file suspicious transaction reports with the Nigerian Financial Intelligence Unit (NFIU) for further analysis of financial activities involving the designated persons and entities.

They must also report all cases of name matching in financial transactions as suspicious transactions to the NFIU, whether such transactions occurred before or after receipt of the sanctions list.

READ ALSO: Why FG Hasn’t Prosecuted Terrorism Financiers – Minister

Advertisement

The commission further ordered operators to subsequently prohibit dealings with the designated persons and entities and continue monitoring for transactions involving them.

“CMREs are to continue to check for transactions relating to the designated persons and entities and report findings to the Nigeria Sanctions Committee,” the SEC stated.

The regulator warned that the directive takes immediate effect and that failure to comply constitutes a violation of the Investments and Securities Act, 2025, and the SEC AML/CFT Rules and Regulations.

Advertisement

Such violations, it said, could attract fines, suspension of operations or revocation of registration.

READ ALSO: I’ll Support Trump To Fight Terrorism In Nigeria If… – Wike

The SEC also reminded market participants that all unusual or suspicious transactions must be promptly reported to the NFIU.

Advertisement

The intensified sanctions enforcement comes as Nigeria strengthens its regulatory framework for combating money laundering and terrorism financing in the capital market.

The Investments and Securities Act, 2025, which repealed and replaced the Investments and Securities Act No. 29 of 2007, provides the current legal framework for the regulation and supervision of Nigeria’s capital market.

The latest SEC circular was published on August 12, 2026, while the designations referenced in the notice were made by the Nigeria Sanctions Committee in June 2026.

Advertisement

News

Six Corps Members Receive N10m Grants To Boost Agribusiness

Published

on

By

Six members of the National Youth Service Corps (NYSC) have received a total of N10 million in grants to expand their agribusiness ventures under the Farmers for the Future Programme.

The programme was organised on Monday by the British American Tobacco Nigeria Foundation (BATNF) in collaboration with the NYSC to encourage young Nigerians to embrace agriculture and develop sustainable businesses.

Presenting the cheques to the beneficiaries in Abuja, the NYSC Director-General, Brigadier General Olakunle Nafiu, urged Corps members to maximise the opportunities provided by the service year by venturing into commodity marketing and other viable businesses.

Advertisement

Nafiu said agribusiness remained a viable avenue for young people to build sustainable enterprises, create employment and generate wealth.

READ ALSO: NYSC Swears In 1,600 Corps Members In Bauchi

He also stressed the importance of value addition to the success and sustainability of business ventures, while commending BATNF for placing Nigerian youths at the centre of its entrepreneurship initiatives through value-chain development, employment creation and its partnership with the NYSC.

Advertisement

“I charge you to spread the news around. We have seen the outcome, and it is a good idea,” he said.

The beneficiaries are Dominic Olufemi (FC/25C/1143), who received N3 million; Temitope Adewole (ED/26A/2251), N2 million; Abdulwaheed Bala (ED/25B/1402), N2 million; Olanike Mayungbe (OG/26B/1037), N1 million; Kingsley Udoeyen (KG/26A/1735), N1 million; and Lorember Lorsue (JG/25B/1742), N1 million.

Speaking on the selection process, the Acting Director, Skills Acquisition and Entrepreneurship Development (SAED), Mrs Winifred Shopeka, said the programme began with an online registration portal through which Corps Members engaged in agribusiness submitted their business plans.

Advertisement

READ ALSO: NCCSALW Deploys NYSC Members In Fight Against Illegal Arms In Northeast

She said nearly 3,000 Corps members applied and underwent a rigorous selection process that produced 20 finalists.

According to her, the finalists participated in a boot camp and a final pitching session, which produced the 10 best presenters before the six ultimate winners were selected.

Advertisement

Shopeka said the beneficiaries had also been mentored and attached to established market operators to assist them in marketing their products.

She added that Corps Members who did not make the final stage of the competition were also trained by BATNF.

The BATNF Team Lead, Mr Oludare Odusanya, congratulated the beneficiaries and urged Corps Members engaged in agribusiness to master the fundamentals and acquire the knowledge and skills necessary to succeed.

Advertisement

“We are happy with our collaboration with the NYSC, and it will continue,” he said.

READ ALSO: NYSC Lauds Gov. Mohammed’s Intervention In Fence Collapse

Odusanya explained that BATNF was an independent organisation established to contribute to poverty reduction in Nigeria through sustainable agricultural practices and other interventions.

Advertisement

He said the Farmers for the Future Programme was instituted in collaboration with the NYSC to encourage Corps Members to venture into agribusiness and become job creators.

He added that the beneficiaries would be attached to mentors who would guide them towards achieving success in their respective businesses.

According to him, the programme has, since its inception, continued to enhance the entrepreneurial capacity of Corps Members.

Advertisement
Continue Reading

News

CBN Reduces Interest Rate To 23%

Published

on

By

The Central Bank of Nigeria (CBN) on Tuesday announced the reduction of the interest rate, also known as Monetary Policy Rate (MPR) to 23 percent.

Briefing the media in Abuja, the Governor of the CBN, Mr. Olayemi Cardoso, said at the 307th MPC meeting held on September 22, 2026 agreed the resetting of the MPR and recaliberation of the monetary policy market.

According to Cardoso, the committe is satisfied with the disinflation progress, adding that members noted stable banking sector following successful recapitalisation.

Advertisement

READ ALSO: CBN Monetary Tightening Worsening Nigeria’s N50tn Development Finance Gap – Group

Meanwhile, according to Nigerian Tribune, reports that that the MPC, at its 306th meeting in July 2026, disclosed its resolution to retain the interets at 26.5 percent.

According to the Governor of the CBN, Olayemi Cardoso, “the Committee’s decision to maintain the current policy stance followed a thorough assessment of the balance of risks. Although headline inflation moderated marginally in June 2026, global uncertainties have heightened, due mainly to the renewed hostilities in the Middle East.

Advertisement

“In view of the evolving developments, maintaining a cautious monetary policy stance remains appropriate. In arriving at its decision, the Committee noted the recent resurgence of hostilities in the Middle East, with particular attention to its spillover effects on global energy prices and the potential pass-through to domestic inflation.”

Continue Reading

News

NURTW: KWAM1 Settles Long-time Rift Between MC Oluomo, Tafa Sego

Published

on

By

Nigerian Fuji musician, Wasiu Ayinde Marshal, popularly known as KWAM1, has brokered a peace deal between the National Union of Road Transport Workers (NURTW) National President, Musiliu Akinsanya, popularly known as MC Oluomo, and the Lagos State Chairman of the union, Mustapha Adekunle, aka Tafa Sego.

The reconciliation took place at Ojusagbola in Ijebu, Ogun State, where several NURTW chieftains gathered for the meeting.

The development was announced on Tuesday on KWAM1’s digital media page on Instagram, alongside photographs from the meeting.

Advertisement

According to the post, the two union leaders have resolved their differences after years of strained relations.

READ ALSO: Why FG Named KWAM 1 Aviation Security Ambassador — Keyamo

“After years of an age-long rift, MC Oluomo and Tafa Sego have finally settled their differences. And from what we know now, this is final,” the post said.

Advertisement

The musician was said to have intervened as the Mayegun of Yorubaland, with the aim of bringing an end to the longstanding disagreement between the two NURTW figures.

“K1 acted in his role as the Mayegun of Yorubaland by seeking an end to the long-standing rift, once and for all,” it said.

The post also described the meeting as a significant step beyond previous public displays of reconciliation.

Advertisement

READ ALSO: FG Gives KWAM 1 Aviation Appointment, After Airport Incident

“This time, it was not just another handshake for the cameras. The two old friends and colleagues came together at Ojusagbola, with King Wasiu Ayinde Marshal (K1) playing the peacemaker.”

Both MC Oluomo and Tafa Sego were reported to be pleased with the outcome of the intervention.

Advertisement

“Both parties are delighted about the new development,” the post said.

The two men had previously been allies and prominent figures within the Lagos NURTW before their relationship became strained amid disagreements linked to leadership of the union in the state.

Advertisement
Continue Reading

Trending

Exit mobile version