Nigeria’s Securities and Exchange Commission (SEC) has directed capital market operators to freeze assets belonging to 10 individuals and three entities over alleged links to terrorism financing.
Gatekeepers News reports that the directive followed the approval of the Nigeria Sanctions Committee, in line with the Terrorism (Prevention and Prohibition) Act.
In a circular, the SEC ordered all capital market operators to immediately identify and freeze, without prior notice, all funds, assets, and economic resources linked to the affected persons and organisations.
The regulator said those listed have now been added to Nigeria’s sanctions list and are subject to additional penalties, including travel bans and arms embargoes.
Operators were also instructed to report any actions taken to the sanctions committee and file suspicious transaction reports with the Nigerian Financial Intelligence Unit (NFIU) for further investigation into the financial activities of those involved.
The SEC clarified that the directive covers not only directly owned assets but also funds held jointly, indirectly, or through proxies acting on behalf of the sanctioned individuals or entities.
The move is part of broader efforts by the federal government to crack down on terrorism financing. Just days earlier, authorities released a wider list of dozens of individuals and organisations suspected of funding extremist groups such as IPOB, ISWAP, and Ansaru.
The commission warned that any institution that fails to comply with the directive could face serious legal and reputational consequences.
