SEC orders immediate freeze on assets of 13 firms over terrorism financing in Nigeria

Nigeria’s Securities and Exchange Commission, SEC, has directed the contiguous freezing of assets belonging to 13 superior marketplace entities suspected of links to coercion financing.

The enactment follows the designation of 10 individuals and 3 organizations connected the Nigeria Sanctions List by the Nigeria Sanctions Committee. In a directive titled “Commission’s Sweeping Compliance Directive Issued to Capital Market Operators,” the SEC said the determination aligns with provisions of the Terrorism (Prevention and Prohibition) Act, 2022.

According to the Commission, the instrumentality mandates the freezing of each funds, assets, and economical resources associated with designated persons and entities without anterior notice.

The SEC disclosed that superior marketplace operators and stakeholders person been formally notified of the development, noting that the Ni...