In a major enforcement action aimed at severing global terror financing channels, the Securities and Exchange Commission (SEC) has ordered all capital market operators across Nigeria to immediately trace and freeze the financial assets of a local operative and three currency exchange firms sanctioned by the United States.
​The directive, issued on August 11, 2026, from SEC headquarters in Abuja, aligns Nigeria’s capital market oversight with joint counter-terrorism measures spearheaded by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the Nigeria Sanctions Committee (NSC).
​The regulatory blacklist identifies key conduits allegedly involved in moving funds for the Islamic State of Iraq and Syria (ISIS) and its regional affiliate, ISIS-West Africa (ISWAP):
Mukhtar Adamu Muhammad (also operating under the aliases Mukhtar Adamu and Muhammad Mukhtar), cited as an integral financial facilitator for ISIS-WA network operations.
A few other enterprises on the list include; Generation Currency Bureau De Change Limited, Manhattan Bureau De Change Limited and Nine to Nine Exchange Bureau De Change Limited.
​Under the new circular signed by SEC Management, all stockbrokers, fund managers, custodians, and registered capital market entities must execute the following measures without prior notice to the affected parties: Identify and block all current accounts, equity holdings, and economic assets tied to the named individual and companies.
Submit full compliance filings and logs of any attempted or blocked transactions directly to the Secretariat of the Nigeria Sanctions Committee via info@nigsac.gov.ng.
File Suspicious Transaction Reports (STRs) with the Nigerian Financial Intelligence Unit (NFIU) to analyze current and historical transaction flows. Halt all existing services and bar any future financial or commercial relationships with the designated parties.
​The SEC emphasized that strict adherence to the directive is mandatory under the Investments and Securities Act (ISA) and the Terrorism Prevention and Prohibition Act (TPPA) alongside the SEC’s AML/CFT Regulations.
​Spokespersons for the regulator warned that non-compliant institutions face severe enforcement measures, including substantial punitive fines, operational suspensions, or immediate revocation of operating licenses.
