Nigeria’s Securities and Exchange Commission (SEC) has ordered an immediate freeze on the assets of 13 entities, comprising 10 individuals and three companies, over alleged links to terrorism financing within the capital market.
According to the Commission, the action follows their designation on the Nigeria Sanctions List by the Nigeria Sanctions Committee and is backed by provisions of the Terrorism (Prevention and Prohibition) Act, 2022. The law requires the swift freezing of funds, assets, and economic resources belonging to listed persons and organisations without prior notice.
In a circular issued to capital market operators, the SEC directed full compliance, stressing that all affected assets must be identified and frozen immediately. Operators were also instructed to report any frozen accounts and attempted transactions to the Nigeria Sanctions Committee Secretariat without delay.
The Commission noted that some of the listed individuals had previously been convicted in terrorism financing cases handled by the Abu Dhabi Federal Court of Appeal in April 2019. The convictions were reportedly linked to financial support for the extremist group Boko Haram, involving the movement of funds from Dubai into Nigeria to aid terrorist activities. Sentences in the cases ranged from 10 years imprisonment to life terms.
SEC also stated that certain corporate entities were allegedly used as fronts to channel illicit financial flows, warning that such practices highlight the need for stronger scrutiny of companies operating within the financial system.
The Commission emphasized that the freeze is preventive rather than punitive, aimed at disrupting potential terror financing networks before funds can be deployed. It warned that non-compliance would attract severe civil, criminal, and reputational consequences for market operators.
The directive also extends to Designated Non-Financial Businesses and Professions, expanding enforcement across Nigeria’s financial ecosystem as part of broader anti–money laundering and counter-terrorism financing efforts.
SEC further urged operators to strengthen real-time monitoring, screening, and reporting systems, noting that failure to comply could expose institutions to regulatory sanctions and damage their credibility both locally and internationally.
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