Nigeria’s Securities and Exchange Commission has ordered the immediate freezing of assets linked to 13 newly designated individuals and entities accused of terrorism financing.
The directive followed their inclusion on the Nigeria sanctions list by the Nigeria Sanctions Committee, with the regulator instructing all capital market operators to halt transactions connected to those named.
According to the Commission, the action is backed by the Terrorism (Prevention and Prohibition) Act, 2022, which empowers authorities to freeze funds, assets and economic resources linked to sanctioned persons without prior notice.
The SEC said all operators must immediately identify and freeze affected accounts, while reporting frozen assets and attempted transactions to the sanctions committee.
It added that the measures also cover designated non-financial businesses and professions, widening enforcement beyond banks and investment firms.
Regulators said the sanctions are preventive rather than punitive, aimed at cutting off financial channels that may be used to support terrorist activity.
The commission warned that failure to comply could attract civil and criminal penalties, as well as reputational damage for institutions that ignore the order.
“For market operators, the trading systems must be capable of rapid name screening, asset tracing, and reporting, while compliance teams are expected to act without delay or prior notice to affected clients.”
“It has to be noted that failure to comply not only exposes firms to regulatory sanctions but also risks damaging their credibility in both domestic and international markets”, the statement added.
The latest move forms part of Nigeria’s broader anti-money laundering and counter-terrorism financing campaign, with authorities pushing stricter monitoring, real-time screening and stronger compliance across the financial system.
