By Ayo Kehinde
Nigeria’s Securities and Exchange Commission (SEC) has directed an immediate freeze on the assets of 13 individuals and entities allegedly linked to terrorism financing, in a sweeping compliance move across the capital market.
The directive follows the inclusion of the affected parties on the Nigeria Sanctions List by the Nigeria Sanctions Committee.
In a notice issued early Monday, ahead of the week’s trading activities, the Commission instructed all Capital Market Operators (CMOs) and stakeholders to enforce the sanctions without delay.
Citing Section 49 of the Terrorism (Prevention and Prohibition) Act, 2022, the SEC emphasized that the freeze applies to all funds, assets, and economic resources owned or controlled directly or indirectly by the designated persons and entities, and must be executed without prior notice.
Those listed 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 sanctioned entities are Alin Yar Yaya General Enterprises, Are Nigeria Limited, and Suhailah Bashir General Enterprises.
The SEC mandated operators to immediately identify and freeze all linked accounts, halt transactions, and report compliance actions to the Nigeria Sanctions Committee.
Institutions are also required to file Suspicious Transaction Reports with the Nigerian Financial Intelligence Unit and monitor any attempted dealings involving the listed names.
The Commission warned that the sanctions extend to jointly owned assets, proceeds derived from such assets, and holdings managed by third parties on behalf of the designated individuals, underscoring a zero-tolerance stance on terrorism financing within the financial system.
