• Admits blockchain into its accelerated regulatory incubation programme
Ndubuisi Francis in Abuja and Emma Okonji in Lagos
The Securities and Exchange Commission (SEC) has directed Capital Market Operators (CMOs) to freeze assets, including monies traced to six individuals and three entities on the Nigeria Sanctions List.
This comes as the Commission has admitted blockchain into its Accelerated Regulatory Incubation Programme (ARIP), marking an important step in the company’s long-term commitment to Nigeria and its broader expansion across Africa.
The Commission which conveyed its directive to CMOs via a circular to all Capital Market Regulated Entities (CMREs), said the action was made in line with the Terrorism Prevention and Prohibition Act (TPPA) 2022.
The individuals and entities had earlier been designated by the Nigeria Sanctions Committee (NSC) under the Terrorism Prevention and Prohibition Act (TPPA), 2022.
“In line with the provisions of the Terrorism Prevention and Prohibition Act (TPPA), 2022, the Nigeria Sanctions Committee (NSC) has designated six (6) Individuals and three (3) Entities as terrorist financiers and subsequently added them to the Nigeria Sanctions List,” the circular stated.
The six individuals are Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu and Yakubu Ogirima Ibrahim.
The three designated entities are Nine to Nine Bureau De Change (BDC) Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau De Change.
SEC said Hammajama was listed on June 18, 2026, for involvement in terrorism financing and support for the Islamic State West Africa Province (ISWAP), while Usman was called for providing material support to a designated terrorist organisation through repeated financial transactions.
Abubakar, SEC disclosed, was listed for involvement in terrorism financing and membership of ISWAP, while Chiroma was involved for allegedly using Bureau De Change (BDC) operations and related corporate entities to facilitate the movement of funds linked to terrorist activities.
According to the circular, Adamu was listed on June 15, 2026, for providing financial support and facilitating transactions linked to the financing network of the ISWAP Okene cell, while Ibrahim was involved in providing material and financial support to the ISWAP Kogi cell.
It noted that the three entities were listed for their alleged involvement in facilitating and channelling funds connected to the ISWAP Okene financing network.
SEC therefore, directed all CMREs to immediately identify and freeze, without prior notice, all funds, assets and other economic resources in their possession belonging to the designated persons and entities.
It further directed the entities to report frozen assets and other compliance actions, including attempted transactions, to the Secretariat of the Nigeria Sanctions Committee.
The circular said, “Immediately, identify and freeze, without prior notice, all funds, assets, and any other economic resources in their possession, belonging to the designated individuals and entities and report same to the Secretariat of the Nigeria Sanctions Committee.”
It directed that operators must also notify the Nigeria Sanctions Committee of assets frozen and actions taken in compliance with the designation, including attempted transactions.
“Report to the Secretariat of the Nigeria Sanctions Committee, any assets frozen or actions taken in compliance with the designation, including attempted transactions.”
The SEC further directed CMREs to submit suspicious transaction reports to the Nigerian Financial Intelligence Unit (NFIU) for further analysis of financial activities involving the designated persons and entities.
“Report as a suspicious transactions report to the NFIU, all cases of name matching in financial transactions prior to or after receipt of this Sanctions List”.
The regulator also ordered capital market operators to halt dealings with the designated individuals and entities and maintain surveillance of transactions involving them.
“Take note that at all times, any unusual or suspicious transactions MUST be promptly reported to the Nigerian Financial Intelligence Unit (NFIU),” SEC said.
The Commission directed regulated entities to immediately file suspicious transaction reports with the Nigerian Financial Intelligence Unit (NFIU) for further analysis of the financial activities, even as it instructed operators to report any suspicious transactions, and all cases of name matches in financial transactions, whether occurring before or after receipt of the sanctions list.
The regulated entities were also required to prohibit dealings with the listed persons and entities and continue monitoring for transactions involving them.
Under the directive, capital market-regulated entities (CMREs) are required to immediately identify and freeze funds, assets and other economic resources belonging to the designated persons and entities without prior notice.
The Commission stated that any findings should be reported to the NSC through its designated reporting channel, adding that
the circular would be implemented with immediate effect.
It warned that failure to comply would constitute a violation of the Investments and Securities Act, 2025 and the SEC Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Rules and Regulations, stressing that violations could attract regulatory sanctions, including fines, suspension of operations or revocation of registration.
Meanwhile, blockchain has been admitted into SEC’s Accelerated Regulatory Incubation Programme (ARIP), marking an important step in the company’s long-term commitment to Nigeria and its broader expansion across Africa.
Nigeria is one of Africa’s most important digital asset markets, where crypto increasingly plays a practical role in how people access, hold and move value.
The admission is an indication that Blockchain has satisfied SEC’s initial requirements to participate in the programme and is authorised to operate within its defined sandbox scope, subject to the commission’s ongoing compliance obligations, testing parameters, and regulatory conditions. Through ARIP, Blockchain can work directly with the SEC as the commission evaluates digital asset business models, tests appropriate safeguards and develops its long-term regulatory framework for the market.
Highlighting the development in a statement, General Manager for Africa, Blockchain, Owen Odia, said, “Nigeria is one of Africa’s most important digital asset markets and participating in the SEC’s ARIP is an important step forward in our long-term commitment to the country. The programme gives us the opportunity to work directly with the SEC in a controlled environment, bring our global experience to the Nigerian market and help support a framework that protects consumers while enabling responsible innovation. We appreciate the SEC’s proactive approach and look forward to contributing to a safe, transparent and well-regulated digital asset ecosystem.”
According to Odia, Blockchain.com’s participation in ARIP forms part of a broader global strategy to engage constructively with regulators and build within established regulatory frameworks.
Over the past year, Blockchain.com has secured several formal licenses and registrations globally, including the UK Financial Conduct Authority (FCA), EU Markets in Crypto-Assets (MiCA), and Cayman Islands Monetary Authority (CIMA).
Participating in Nigeria’s ARIP sandbox builds on that experience, bringing global standards in compliance, security and consumer protection to its local operations.
ARIP was established by Nigeria’s SEC as a controlled regulatory sandbox for Virtual Asset Service Providers (VASPs) and fintech innovators. The programme allows the SEC to observe live applications of digital asset technologies, study operational risks, and establish tailored investor protection and anti-money laundering (AML) standards before final regulatory rules are codified.