SEC Freezes Assets of Alleged Terrorism-Financiers in Nigeria, Releases 13 Names, Companies
- The SEC has ordered the immediate freezing of assets belonging to 10 individuals and three entities
- This is due to their link to alleged terrorism financing following their designation by the NSC
- Capital market operators were directed to freeze all related assets without prior notice
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigeria’s Securities and Exchange Commission (SEC) has ordered the immediate freezing of assets belonging to 10 individuals and three entities allegedly linked to terrorism financing across the capital market.
The directive follows their designation by the Nigeria Sanctions Committee (NSC), which added the names to the Nigeria Sanctions List under the Terrorism (Prevention and Prohibition) Act, 2022.
Source: Facebook
In a circular referenced NSC/SEC/MON/AML/CFT/112022/02 issued to capital market operators (CMOs) and stakeholders, the Commission said the sanctions include asset freeze, travel ban, and arms embargo.
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The compliance directive was issued in the early hours of Monday, April 13, ahead of market reopening, and is binding on all market participants.
Listed Individuals (10)
- Abdurrahaman Musa Ado
- Bashir Ali Yusuf
- Ibrahim Ali Alhassan
- Muhammad Ibrahim Isah
- Salihu Yusuf Adamu (aka Babangida Adamu)
- Surajo Abubakar Mohammad
- Fannami Alhaji Bukar
- Muhammed Musa
- Sahabi Ismail
- Mohammed Saleh Buba
Listed Entities (3 Companies/Enterprises)
- Alin Yar Yaya General Enterprises
- Are Nigeria Limited
- Suhailah Bashir General Enterprises
Source: Getty Images
SEC orders immediate asset freeze
SEC directed all capital market operators to immediately identify and freeze, without prior notice, all funds, assets, and economic resources belonging to the designated individuals and entities.
Operators were further instructed to:
- Report all frozen assets and attempted transactions to the Nigeria Sanctions Committee Secretariat
- File Suspicious Transaction Reports (STRs) with the Nigerian Financial Intelligence Unit (NFIU)
- Report all cases of name matching in financial transactions before or after receipt of the sanctions list
- Prohibit all dealings with designated persons and continue ongoing transaction monitoring
- Extend asset freezes to assets directly or indirectly owned or controlled by designated persons
- Cover assets derived from such funds or held by third parties acting on their behalf
All compliance actions are to be communicated to the Nigeria Sanctions Committee via nigsac@nfiu.gov.ng.
Legal basis and enforcement scope
The Commission based its directive on Section 49 of the Terrorism (Prevention and Prohibition) Act, 2022, which requires the immediate freezing of all funds, assets, and economic resources associated with designated individuals and organisations without advance notice.
It cautioned that failure to comply may result in civil and criminal penalties, as well as reputational damage for capital market operators and other financial institutions.
The order also applies to Designated Non-Financial Businesses and Professions (DNFBPs), highlighting a wider enforcement approach across Nigeria’s financial sector.
SEC warns Nigerians against illegal online investment platforms
Legit.ng earlier reported that the SEC has issued a public warning against an online investment platform operating under the name Voya Investment Management (VIM), stating that the company is not authorised to operate in Nigeria’s capital market.
In a statement, the SEC said its attention was drawn to the activities of VIM, which operates through a website claiming to offer investment services in Nigerian stocks and other financial instruments.
According to the SEC, the operators of the platform have falsely presented themselves as being supervised by the Commission and have displayed a document described as a certificate of identity verification purportedly issued by the regulator.
Source: Legit.ng
