The Securities and Exchange Commission (SEC) has directed operators in Nigeria’s capital market to immediately identify and freeze funds, assets and other economic resources linked to a Nigerian individual and three companies recently sanctioned by the United States Government over alleged financial connections to the Islamic State of Iraq and Syria (ISIS) and ISIS-West Africa.
The directive was contained in a circular titled “Notice of Sanction” published on the SEC’s website and addressed to all Capital Market Regulated Entities (CMREs).
Under the directive, regulated entities are required to freeze the affected assets without prior notice and report their actions to the Secretariat of the Nigeria Sanctions Committee.
The individual named in the sanctions is Mukhtar Adamu Muhammad, also known as Mukhtar Adamu and Muhammad Mukhtar.
The three companies listed are Generation Currency Bureau De Change Limited, Manhattan Bureau De Change Limited and Nine to Nine Exchange Bureau De Change Limited.
The SEC instructed capital market operators to immediately identify and freeze all funds, assets and other economic resources belonging to the designated individual and companies that are in their possession.
Operators are also required to submit reports detailing assets frozen, steps taken to comply with the sanctions and any attempted transactions involving the affected individual or entities.
In addition, the commission directed regulated entities to promptly file suspicious transaction reports with the Nigerian Financial Intelligence Unit (NFIU) for further examination of financial activities associated with the sanctioned parties.
The SEC further instructed operators to report any cases of name matching identified in financial transactions, regardless of whether the transactions occurred before or after the sanctions list was received.
The commission also ordered CMREs to stop dealing with the sanctioned individual and companies and maintain ongoing monitoring of any transactions connected to them.
Findings from the monitoring exercise are to be reported to the Nigeria Sanctions Committee through info@nigsac.gov.ng.
The SEC said the directive takes immediate effect and warned that failure to comply would constitute a violation of the Investments and Securities Act, 2025, as well as the SEC’s Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Rules and Regulations.
According to the commission, non-compliant operators could face regulatory sanctions, including fines, suspension of operations or revocation of their registration.
The directive highlights the increasing efforts by Nigerian regulators to prevent the country’s financial and capital market systems from being exploited for terrorism financing, money laundering and other illicit financial activities.
READ ALSO:
- FG Denies Receiving South Africa’s Request for Deportation Cost Reimbursement
- Gumi Defends Use of Public Funds for Mass Weddings in Sharia States
- Osun Poll: We’re In Trouble, APC Wants To Win By Force – Isaac Fayose Raises Alarm
- “Your Audio Money Caused This” – Jowizaza’s Sister Slams Him Over Father’s Abduction
- PenCom Moves to Sanction PFAs Over Slow RSA Data Recapture
