Nigeria's SEC Mandates Immediate Asset Freezes for 13 Terror-Financing Entities

Capital Market Operators and Designated Non-Financial Businesses and Professions must now block all transactions and freeze all funds, assets, and economic resources associated with 13 designated entities. The freeze extends to jointly held accounts, assets controlled through intermediaries, and proceeds derived from those funds. This action follows an April 13, 2026, directive from the Securities and Exchange Commission, which was issued ahead of the weekly reopening of the capital market. The SEC anchored the order on the Terrorism (Prevention and Prohibition) Act, 2022. The Nigeria Sanctions Committee designated 10 individuals, including Abdurrahaman Musa Ado and Bashir Ali Yusuf, and three companies: Alin Yar Yaya General Enterprises, Are Nigeria Limited, and Suhailah Bashir General Enterprises. Under Section 49 of the Act, the freeze must occur without prior notification to the affected clients. Operators must report frozen assets and attempted transactions to the Nigeria Sanctions Committee Secretariat and file Suspicious Transaction Reports with the Nigerian Financial Intelligence Unit. Trading systems must now be capable of rapid name screening, asset tracing, and reporting. Financial institutions and market operators who fail to comply face civil and criminal liabilities.