FG Mentions Steps Nigerians Must Take Against Individuals on Terrorism Financier List

• Nigeria has reinforced its commitment to fighting terrorism financing by setting out clear obligations for individuals and organisations
• Under the Terrorism (Prevention and Prohibition) Act and the Targeted Financial Sanctions Regulation, all persons must act swiftly to freeze and report assets linked to designated entities
• These measures ensure compliance with international standards while safeguarding the nation’s financial system from abuse

Terrorism financing is a serious threat to national and global security. To combat this, Nigeria has set out strict obligations under section 54 of the Terrorism (Prevention and Prohibition) Act (TPPA) and Regulation 12 of the Targeted Financial Sanctions (TFS) Regulation.

These rules apply to all natural and legal persons in Nigeria, including financial institutions and designated non‑financial businesses and professions.

Below are the key steps Nigerians must follow to comply with these laws.

1. Identify and freeze assets

All individuals and organisations must identify and freeze, without prior notice, all funds, assets, and economic resources belonging to designated persons or entities. These frozen assets must then be reported to the Sanctions Committee.

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2. Report frozen assets to the sanctions committee

Any frozen assets or actions taken in line with prohibition requirements must be reported. This includes attempted transactions linked to designated persons or entities.

3. File suspicious transactions reports to the NFIU

If financial activities of a designated person or entity raise concerns, an immediate Suspicious Transactions Report (STR) must be filed with the Nigerian Financial Intelligence Unit (NFIU) for further analysis.

4. Report name matches in transactions

Cases where names match those on the Nigerian Sanctions List must also be reported as STRs to the NFIU. This applies to transactions both before and after receipt of the updated list.

5. Stay updated with sanctions lists

All persons and entities in Nigeria must regularly check the UN Consolidated List and the Nigerian Sanctions List via the United Nations and National Sanctions Committee websites. Regulation 8(3) of the TFS Regulation makes this a legal obligation.

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List of 48 Nigerians sanctioned as terrorism financiers in 2026

Legit.ng earlier reported that The federal government has published an updated list of Nigerians designated as terrorism financiers in 2026.

This move is part of ongoing efforts to combat terrorism financing and strengthen national security. See the list here.

Source: Legit.ng