The Securities and Exchange Commission (SEC) has ordered the immediate freezing of assets belonging to 13 individuals and entities allegedly linked to terrorism financing, in a sweeping compliance directive issued to capital market operators.
In a notice titled “Commission’s Sweeping Compliance Directive Issued to Capital Market Operators, the regulator said the action followed the designation of 10 individuals and three entities on the Nigeria Sanctions List by the Nigeria Sanctions Committee.
The commission anchored its directive on the Terrorism (Prevention and Prohibition) Act 2022, which mandates the immediate freezing of all funds, assets, and economic resources linked to designated persons and organisations without prior notice.
SEC said all capital market operators and stakeholders are required to comply strictly with the directive, including identifying and freezing accounts tied to the affected individuals and entities, halting all transactions, and reporting such actions promptly to the Nigeria Sanctions Committee Secretariat.
“The directive to freeze accounts and halt all transactions with the flagged entities is binding on all operators,” the Commission stated, adding that institutions must also report any attempted transactions involving the designated parties.
According to details accompanying the sanctions, several of the individuals were previously convicted by the Abu Dhabi Federal Court of Appeal in April 2019 for terrorism financing offences linked to Boko Haram. The offences reportedly involved the collection of funds in Dubai and their transfer to Nigeria to support terrorist activities, with sentences ranging from 10 years’ imprisonment to life terms.
The SEC noted that the development underscores the use of corporate entities as channels for illicit financial flows, stressing the need for heightened scrutiny across the financial system.
It explained that the asset freezing mechanism is preventive rather than punitive, aimed at disrupting financial networks that support terrorism before funds can be deployed.
The Commission warned that non compliance with the directive could attract severe sanctions, including civil and criminal liabilities, as well as reputational damage for defaulting institutions.
In a broader enforcement push, the directive also extends to Designated Non Financial Businesses and Professions (DNFBPs), signalling tighter oversight beyond traditional financial institutions.
The SEC said the latest move aligns with its zero tolerance stance on anti money laundering and counter terrorism financing compliance, emphasising the need for real time monitoring, rapid name screening, and prompt reporting by market operators.
It added that failure to adhere to the directive could undermine investor confidence and damage the credibility of institutions within both domestic and international markets.
WARNING: If You Are Not 18+, Don’t Click The Link Below 👇🫣Â
https://wrathful-piano.com/zBn8jS
Did you want to monetize your website, join MONETAG or ADSKEEPER and start earningÂ
Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it.
Drop your comment in the section below, and don’t forget to share the post.
Never Miss A Single News Or Gist, Kindly Join Us On WhatsApp Channel:
https://whatsapp.com/channel/0029Vad8g81Eawdsio6INn3B
Telegram Channel:
https://t.me/gistsmateNG
