SEC Freezes Assets of 13 Capital Market Entities Over Terrorism Financing Links

Nigeria’s capital market regulator, the Securities and Exchange Commission (SEC), has ordered the immediate freezing of assets belonging to 13 entities over alleged links to terrorism financing.

The directive, issued on April 13, 2026, affects 10 individuals and three corporate organisations recently added to the Nigeria Sanctions List by the Nigeria Sanctions Committee.

According to the SEC, all capital market operators must identify and freeze any accounts, investments, or other financial assets connected to the listed entities.

They are also required to halt transactions and report any findings or attempted dealings to authorities. The Commission warned that failure to comply could attract severe civil and criminal penalties.

The order is backed by provisions of the Terrorism (Prevention and Prohibition) Act, 2022, which mandates the freezing of assets linked to designated individuals or organisations without prior notice.

The law extends to both financial institutions and Designated Non-Financial Businesses and Professions (DNFBPs).

Authorities say the move is preventive, aimed at disrupting funding channels for terrorist organisations, including Boko Haram and its splinter faction, Islamic State West Africa Province.

Several of the affected individuals were previously convicted by the Abu Dhabi Federal Court of Appeal in 2019 for financing terrorism.

Investigations revealed they transferred about $782,000 from Dubai to Nigeria between 2015 and 2016 to support insurgent activities.
The sanctions imposed include asset freezes, travel bans, and arms embargoes.

The SEC also directed market operators to strengthen compliance systems, including real-time screening and reporting, in line with Nigeria’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework.

The latest action follows an updated sanctions list reportedly containing dozens of individuals and entities suspected of financing terrorist groups operating across Nigeria.

Regulators say the enforcement is crucial to protecting the integrity of the financial system and maintaining Nigeria’s standing with global watchdogs such as the Financial Action Task Force.

The SEC advised stakeholders to review the full sanctions list and ensure strict compliance, stressing that the financial system must not be used as a channel for illicit funding of terrorism.