Nigeria’s capital market regulator, the Securities and Exchange Commission (SEC), has directed the immediate freezing of assets belonging to 13 individuals and entities newly linked to terrorism financing, in a renewed push to disrupt illicit financial networks.
The directive follows the recent update of the Nigeria Sanctions List by the Nigeria Sanctions Committee, which designated 10 individuals and three organisations over alleged involvement in funding extremist activities.
Relying on provisions of the Terrorism (Prevention and Prohibition) Act, 2022, the SEC ordered all Capital Market Operators (CMOs) and relevant stakeholders to immediately identify and freeze funds, assets, and economic resources tied to the affected persons—without prior notice.
The Commission stated that the directive, backed by Section 49 of the Act, is binding across the financial system and requires institutions to halt transactions, flag suspicious accounts, and report both frozen assets and attempted dealings to the authorities.
According to findings linked to the latest sanctions, several of the affected individuals were previously convicted by the Abu Dhabi Federal Court of Appeal in 2019 for financing terrorism associated with Boko Haram, involving the movement of funds from Dubai to Nigeria.
The SEC emphasised that the measure is preventive, aimed at cutting off financial lifelines before resources are deployed for attacks, while warning that non-compliance could attract serious civil and criminal penalties, along with reputational consequences.
The action comes amid broader federal efforts to clamp down on terrorism financing, including the publication of a sanctions list featuring 48 individuals and organisations such as Simon Ekpa and Tukur Mamu, as well as groups like the Indigenous People of Biafra (IPOB), Islamic State West Africa Province, and Ansarul Sudan.
The development reflects Nigeria’s intensified enforcement of anti-money laundering and counter-terrorism financing measures under its 2022 legal framework, as authorities seek to strengthen oversight, curb illicit financial flows, and protect the integrity of the financial system.
