SEC Orders Freeze of Assets Linked to ISIS-Sanctioned Individual and Companies

The Securities and Exchange Commission has ordered capital market operators to immediately identify and freeze funds, assets and other economic resources linked to Mukhtar Adamu Muhammad and three bureau de change companies sanctioned by the United States over alleged links to ISIS and ISIS-West Africa. The affected companies are Generation Currency Bureau De Change Limited, Manhattan Bureau De Change Limited and Nine to Nine Exchange Bureau De Change Limited. Regulated entities must freeze relevant assets without prior notice, stop dealing with the listed parties and report compliance actions to the Nigeria Sanctions Committee. The SEC also directed operators to file suspicious transaction reports with the Nigerian Financial Intelligence Unit and report name matches or attempted transactions involving the sanctioned parties. It warned that non-compliance could lead to fines, suspension or revocation of registration under Nigeria’s securities and anti-money-laundering rules.

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