SEC Freezes Assets of 13 Entities Linked to Terrorism

On April 13, 2023, the Securities and Exchange Commission (SEC) of Nigeria mandated the immediate freezing of assets belonging to 13 entities alleged to be involved in terrorism financing within the capital market. This directive follows the inclusion of 10 individuals and three entities on the Nigeria Sanctions Committee's blacklist.

The SEC's action aligns with the Terrorism Prevention Prohibition Act of 2022, which requires the freezing of funds and economic resources linked to designated persons and organizations without prior notice. Stakeholders in the capital market have been notified to comply with this directive, which includes strict reporting obligations.

The SEC emphasized its commitment to a zero-tolerance policy regarding anti-money laundering (AML) and counter-terrorism financing (CFT) regulations, aiming to close loopholes that allow terrorist financing to persist within formal financial channels.