Nigeria’s SEC (the agency that controls the stock market and investments) has ordered an immediate freeze on all assets of 13 new entities. These include 10 people and 3 companies.
The government says these individuals and businesses are linked to financing terrorism. They have now been placed on the Nigeria Sanctions List.
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The SEC said its order follows the Terrorism Act of 2022. This law says all money, property, and economic resources linked to such people must be frozen at once. No warning is required.
The directive applies to all market operators, banks, and other financial businesses. They must:
· Find and freeze any asset linked to these 13 entities immediately.
· Report any frozen assets or suspicious transactions to the government.
Some of these individuals were already convicted in Abu Dhabi (UAE) in April 2019. They were found guilty of sending money from Dubai to Nigeria to support Boko Haram terrorists. Their sentences ranged from 10 years to life in prison.
The SEC explained that this asset freeze is meant to prevent terrorism, not to punish. The goal is to stop terror money before it can be used.
Any company that fails to obey the order will face serious consequences. This includes legal punishment, fines, and damage to their reputation.
The SEC warned that all trading systems must be able to quickly check names, trace assets, and report findings. Compliance teams must act immediately, without telling the affected clients first.