07
Mar
Mar
FG DECLARES SIMON EKPA, 15 OTHERS TERRORISM FINANCIERS, FREEZES THEIR ASSETS
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CapitalTimesNews / 2 months
- 0
- 2 min read
The Federal Government has officially designated Simon Ekpa and 15 other individuals as terrorism financiers, freezing their assets and ordering financial institutions to report any transactions linked to them. The government also declared the Lakurawa Sect as a terrorist organization and a terrorism financier. These actions were taken following their alleged involvement in funding and supporting terrorist activities. According to the government, the decision was made in line with Section 54 of the Terrorism (Prevention and Prohibition) Act, 2022. Under this provision, all financial institutions and certain businesses are now required to immediately freeze, without prior notice, all funds and assets linked to the designated individuals and entities. They must also report any such frozen assets to the Secretariat of the Nigeria Sanctions Committee. Additionally, any financial transactions involving these individuals must be flagged and reported to the Nigerian Financial Intelligence Unit (NFIU). The law mandates strict compliance, warning that failure to adhere to these measures could result in both criminal and civil penalties, as well as reputational risks for financial institutions and businesses. The Nigerian government clarified that the asset-freezing mechanism is a preventive tool designed to disrupt terrorist activities by cutting off financial support. Financial institutions and businesses have been warned that failure to comply with these sanctions could lead to legal consequences. Authorities have instructed banks and other financial service providers to identify and freeze all assets owned, controlled, or associated with the designated individuals and groups. This includes funds in accounts owned jointly or indirectly by them, as well as those managed on their behalf by third parties. The Nigerian government has reiterated its commitment to fighting terrorism and has vowed to take strict action against individuals or entities found supporting terrorist groups through financial means.
