Nigeria’s Securities and Exchange Commission has directed an immediate freeze on the assets of 13 newly designated terrorism-linked individuals and entities operating within the nation’s capital market.
The directive followed the inclusion of 10 individuals and three corporate bodies on the Nigeria Sanctions List by the Nigeria Sanctions Committee, triggering automatic enforcement measures under the Terrorism (Prevention and Prohibition) Act, 2022.
In a sweeping compliance notice issued in the early hours of Monday, April 13, ahead of the week’s market reopening, the Commission ordered all Capital Market Operators (CMOs) and stakeholders to immediately identify and freeze all funds, assets and economic resources linked to the designated persons and organisations — without prior notice.
The SEC anchored its directive on Section 49 of the Terrorism (Prevention and Prohibition) Act, 2022, which mandates automatic freezing of assets belonging to individuals and entities listed by the Nigeria Sanctions Committee. The sanctions include asset freezes, travel bans and arms embargoes.
Those designated include: Abdurrahaman Musa Ado, Bashir Ali Yusuf, Ibrahim Ali Alhassan, Muhammad Ibrahim Isah, Salihu Yusuf Adamu, Surajo Abubakar Mohammad, Fannami Alhaji Bukar, Muhammed Musa, Sahabi Ismail and Mohammed Saleh Buba.
The three corporate entities listed are Alin Yar Yaya General Enterprises, K. Are Nigeria Limited and Suhailah Bashir General Enterprises.
READ ALSO: Boko Haram releases video of 416 Ngoshe abductees
Under the directive, capital market operators are required to: Immediately identify and freeze all assets linked directly or indirectly to the designated persons and entities
Report frozen assets and any attempted transactions to the Nigeria Sanctions Committee Secretariat
File Suspicious Transaction Reports (STRs) with the Nigerian Financial Intelligence Unit
Report all name matches in transactions, whether identified before or after receipt of the sanctions list
Continuously monitor and prohibit dealings with listed individuals and entities
The asset freeze extends beyond directly held assets to include jointly owned properties, funds controlled through intermediaries, proceeds derived from such assets and assets held by third parties acting on behalf of the designated persons.
The Commission instructed that all compliance actions be reported immediately to the Secretariat of the Nigeria Sanctions Committee via its official channel.
Details accompanying the designation reveal that several of the individuals were convicted by the Abu Dhabi Federal Court of Appeal in April 2019 for terrorism financing linked to Boko Haram activities.
The convictions stemmed from fundraising activities conducted in Dubai, with funds allegedly transferred to Nigeria to support terrorist operations. Sentences reportedly ranged from 10-year prison terms to life imprisonment.
The three companies listed are said to be directly linked to promoters previously convicted of terrorism-related offences, highlighting the use of corporate vehicles as conduits for illicit financial flows.
The SEC emphasized that the asset-freezing mechanism is preventive rather than punitive, aimed at disrupting financial support networks for terrorism before funds can be mobilized.
It warned that non-compliance could attract severe civil and criminal penalties, in addition to reputational risks for institutions found in breach of anti-money laundering and counter-terrorism financing (AML/CFT) regulations.
Notably, the directive extends beyond traditional financial institutions to include Designated Non-Financial Businesses and Professions (DNFBPs), signaling a broader enforcement sweep across Nigeria’s financial system.
The Commission reiterated its zero-tolerance stance on violations of AML/CFT rules within the capital market, stressing the need for real-time compliance, robust name-screening systems and continuous transaction monitoring.
Analysts say the move aligns with Nigeria’s broader effort to strengthen financial integrity controls and curb illicit financial flows, particularly as the country seeks to consolidate its standing in global financial regulatory frameworks following its recent removal from the Financial Action Task Force (FATF) watchlist.