SEC Freezes 13 Accounts Linked to Terrorism Financing

The Securities and Exchange Commission (SEC) of Nigeria has announced an immediate freeze on 13 accounts associated with terrorism financing. This decisive action impacts 10 individuals and three companies recently added to Nigeria's sanction list by the Nigeria Sanction Committee.

The SEC's directive, effective immediately, is grounded in the Terrorism Prevention Prohibition Act 2022, which empowers authorities to freeze assets linked to designated persons or groups without prior notice. The commission emphasized that all market participants must comply fully with this directive to halt transactions involving flagged entities.

The SEC also highlighted the importance of disrupting illicit financial flows, noting that some individuals involved had prior convictions related to terrorism financing. The commission warned that failure to comply with sanctions could lead to civil and criminal penalties, alongside severe reputational damage.

This action reflects a broader strategy to enhance scrutiny of business entities within Nigeria's financial system and to tackle money laundering and terrorism financing comprehensively.