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The Securities and Exchange Commission (SEC) of Nigeria has ordered that the assets of 13 newly designated groups linked to terrorism financing in the capital market be frozen right away.
The Nigeria Sanctions Committee put these 10 people and three businesses on the Nigeria Sanctions List, which is why the directive was issued.
The SEC said in a circular called “Commission’s sweeping compliance directive issued to capital market operators” that the action was based on the Terrorism (Prevention and Prohibition) Act, 2022.
The law says that all money, property, and other economic resources linked to certain people and organizations must be frozen right away, without any warning.
The Commission made it clear that all Capital Market Operators and stakeholders must follow the directive to the letter.
The SEC says that the directive is legally binding and needs to be enforced right away throughout the financial system.
The Commission said, “The order to freeze accounts and stop all transactions with the flagged entities is binding on all capital market operators and stakeholders.”
It also said that operators must find and freeze all assets connected to the designated people and groups right away, without any warning. They must also tell the Nigeria Sanctions Committee Secretariat about all frozen assets and attempted transactions.
The Commission stressed that compliance must happen right away and without delay.
Along with the directive, it was revealed that some of the people affected had already been convicted of financing terrorism.
The SEC says that the Abu Dhabi Federal Court of Appeal convicted the people in April 2019. They were connected to the extremist group Boko Haram.
According to reports, the crimes involved collecting money in Dubai and then sending it to Nigeria to help terrorists.
The sentences ranged from 10 years in prison to life in prison, depending on how serious the crimes were.
The Commission said that some of the companies on the list were used as corporate vehicles to move money illegally.
The SEC said, “This shows a pattern in which corporate vehicles are used as channels for financial flows, which makes it even more important to closely watch business entities in the financial system.”
The SEC made it clear that the asset-freezing mechanism is mostly for prevention.
The Commission says that the goal is to stop terrorist groups from using money that is sent through financial networks.
The statement also said, “The SEC also stressed that the asset-freezing mechanism is preventive rather than punitive, designed to disrupt financial support systems for terrorism before funds can be deployed.”
The Commission said that not following the order would have serious consequences.
It said, “The consequences for not following the rules are severe, including both civil and criminal penalties, as well as damage to the reputation of institutions that are found to be lacking.”
The directive also applies to Designated Non-Financial Businesses and Professions, which is a big step that will make enforcement easier across Nigeria’s financial system.
The SEC says that this means a more thorough approach to stopping money laundering and funding terrorism.
The Commission said that the most recent action is in line with its “zero tolerance” policy for violations of anti-money laundering and counter-terrorism financing rules in the capital market.
It stressed that all operators need to follow the rules in real time, keep a closer eye on things, and give detailed reports.
The SEC said, “For market operators, trading systems must be able to quickly screen names, trace assets, and report, while compliance teams must act right away and without warning to affected clients.”
“It should be noted that not following the rules not only puts companies at risk of regulatory penalties, but it also puts their reputation at risk in both domestic and international markets,” it said.
