The Securities and Exchange Commission (SEC) has directed operators in Nigeria’s capital market to immediately identify and freeze all funds, assets and other economic resources linked to a Nigerian citizen and three companies recently sanctioned by the United States Government over alleged financial dealings connected to the Islamic State of Iraq and Syria (ISIS) and ISIS-West Africa (ISWAP).

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In a circular titled “Notice of Sanction” published on its website, the SEC instructed all Capital Market Regulated Entities (CMREs) to freeze the assets of the affected individual and companies without prior notice and report the action to the Secretariat of the Nigeria Sanctions Committee. The individual named is Mukhtar Adamu Muhammad, also known as Mukhtar Adamu and Muhammad Mukhtar, while the companies listed are Generation Currency Bureau De Change Limited, Manhattan Bureau De Change Limited, and Nine to Nine Exchange Bureau De Change Limited. The commission also directed operators to file Suspicious Transaction Reports with the Nigerian Financial Intelligence Unit (NFIU), report any attempted transactions involving the sanctioned parties, and prohibit all future dealings with them.

The SEC said the directive takes immediate effect and is aimed at preventing Nigeria’s financial system from being used to facilitate prohibited financial activities. It warned that failure to comply would amount to a violation of the Investments and Securities Act, 2025, as well as its Anti-Money Laundering and Combating the Financing of Terrorism regulations. The commission added that defaulting operators could face regulatory sanctions, including fines, suspension of operations, or revocation of their registration.