The Securities and Exchange Commission (SEC) has directed operators in Nigeria’s capital market to identify and freeze funds, assets and other economic resources linked to a Nigerian individual and three companies recently sanctioned by the United States Government.
The directive was issued in a circular to Capital Market Regulated Entities (CMREs) and takes immediate effect.
The individual named is Mukhtar Adamu Muhammad, also known as Mukhtar Adamu and Muhammad Mukhtar. The affected companies are Generation Currency Bureau De Change Limited, Manhattan Bureau De Change Limited and Nine to Nine Exchange Bureau De Change Limited.
The SEC directed regulated operators to freeze any assets belonging to the designated parties in their possession and report the measures taken to the Nigeria Sanctions Committee.
Operators must also report any attempted transactions involving the affected parties and file suspicious transaction reports with the Nigerian Financial Intelligence Unit (NFIU) where required.
The commission further ordered capital market operators to stop conducting business with the sanctioned parties and maintain continuous monitoring for transactions connected to them.
The SEC said operators that fail to comply could face regulatory action, including fines, suspension or revocation of registration, under the Investments and Securities Act 2025 and relevant anti-money laundering and counter-terrorism financing regulations.
The directive reflects Nigeria’s broader efforts to strengthen financial controls and prevent the country’s capital market from being used for money laundering, terrorism financing and other illicit financial activities.
