The Securities and Exchange Commission (SEC) has mandated an immediate asset freeze on 13 individuals and entities associated with terrorism financing. This action follows their designation on Nigeria’s Sanctions List by the Nigeria Sanctions Committee. In a directive titled “Commission’s sweeping compliance directive issued to capital market operators,” the SEC referenced Section 49 of the Terrorism (Prevention and Prohibition) Act, 2022. This section requires the immediate freezing of all funds, assets, and economic resources linked to designated persons and organizations, without prior notice.
The order is applicable to all Capital Market Operators (CMOs) and stakeholders, who are required to identify and freeze any assets associated with the flagged individuals and entities. Additionally, operators must report any frozen assets and attempted transactions to the Nigeria Sanctions Committee Secretariat. The SEC noted that several of the designated individuals were convicted in April 2019 by the Abu Dhabi Federal Court of Appeal for terrorism financing activities related to Boko Haram. These convictions involved collecting funds in Dubai and transferring them to Nigeria to support terrorist operations, with sentences
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