SEC Freezes Assets of 13 Entities Linked to Terrorism

The Securities and Exchange Commission (SEC) of Nigeria has mandated an immediate freeze on the assets of 13 newly designated entities linked to terrorism financing. This directive affects 10 individuals and three corporate entities that have been included in Nigeria's sanctions list.

The SEC's action is anchored in the provisions of the Terror Prevention Prohibit Act 2022, which requires the immediate freezing of funds and economic resources connected to designated individuals and organizations without prior notice. The SEC emphasized the need for compliance across the financial system and warned that failure to adhere to this directive could lead to serious consequences.

The commission's move is part of a broader strategy to disrupt financial networks supporting terrorism, particularly in light of previous convictions related to Boko Haram financing. The SEC's approach reflects a zero-tolerance stance against money laundering and terrorism financing violations within the capital market, highlighting the urgency of real-time compliance and enhanced monitoring.