Business

Capital Market Alert: SEC Orders Immediate Asset Freeze on 13 Sanctioned Parties

Published

7 months ago

April 13, 2026

Lama Godoz

Securities and Exchange Commission (SEC). File/photo: Nairametrics

Kelechi Mgboji

Nigeria’s Securities and Exchange Commission (SEC) has directed the immediate freezing of assets belonging to 13 individuals and entities alleged to be linked to terrorism financing within the capital market.

The directive, issued early Monday ahead of market reopening, follows the inclusion of the affected persons on the Nigeria Sanctions List by the Nigeria Sanctions Committee.

According to the SEC, the action is backed by the provisions of the Terrorism (Prevention and Prohibition) Act, 2022, which empowers authorities to freeze without prior notice all funds, assets, and economic resources connected to designated individuals or organisations.

Affected individuals and firms

The sanctions list includes 10 individuals—among them Abdurrahaman Musa Ado, Bashir Ali Yusuf, Ibrahim Ali Alhassan, and Muhammad Ibrahim Isah—as well as three companies: Alin Yar Yaya General Enterprises, Are Nigeria Limited, and Suhailah Bashir General Enterprises.

Compliance directives to market operators

The SEC has instructed all Capital Market Operators (CMOs) and stakeholders to:

Identify and freeze all accounts linked to the listed individuals and entities immediately
Report frozen assets and attempted transactions to the Nigeria Sanctions Committee
File Suspicious Transaction Reports with the Nigerian Financial Intelligence Unit (NFIU)
Monitor and block any future dealings involving the sanctioned parties

The commission stressed that the freeze extends to jointly owned assets, funds held through intermediaries, and proceeds derived from such assets.

Background to the sanctions

Regulatory disclosures indicate that several of the individuals were previously convicted by an Abu Dhabi Federal Court of Appeal in 2019 for financing terrorism linked to Boko Haram. The offences reportedly involved raising funds in Dubai and transferring them to Nigeria to support extremist activities, with sentences ranging from 10 years imprisonment to life.

The listed companies are connected to individuals already convicted of terrorism-related crimes, highlighting the use of corporate entities as channels for illicit financial flows.

Broader implications

The SEC describes asset freeze as a preventive measure aimed at disrupting financial support systems for terrorism, rather than a punitive action.

It warned that non-compliance could attract severe penalties, including civil and criminal sanctions, as well as reputational damage for institutions involved.

The directive also applies beyond traditional financial institutions, extending to designated non-financial businesses and professions, signaling a wider enforcement net across Nigeria’s financial system.

What this means

The move underscores Nigeria’s tightening stance on anti-money laundering and counter-terrorism financing measures. Market operators are now expected to strengthen real-time monitoring systems, ensure rapid name screening, and act swiftly on compliance requirements.

Analysts say it aligns with global financial integrity standards and reflects ongoing efforts to curb illicit financial flows, particularly as Nigeria seeks to maintain credibility in international financial markets.

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Business

Veritas Kapital Assurance Records 54% Growth in Total Assets to ₦54.56 Billion, Strengthens Financial Position

Published

3 hours ago

November 13, 2026

PlateauReports

Veritas Kapital Assurance Plc has recorded a 54 per cent increase in total assets to ₦54.56 billion as at September 30, 2026, compared to ₦35.40 billion recorded in the corresponding period of 2025, reflecting growth in the company’s financial position.

The company’s unaudited financial results for the nine months ended September 30, 2026, also showed a 60 per cent increase in total equity, which rose from ₦19.12 billion in 2025 to ₦30.59 billion.

This growth was supported by an increase in share capital from ₦6.93 billion to ₦14.43 billion and share premium from ₦663.6 million to ₦8.16 billion.

Further reflecting the growth in its financial position, cash and cash equivalents increased by 28 per cent, from ₦7.98 billion to ₦10.17 billion, while investment securities held at amortised cost more than doubled, rising from ₦12.45 billion to ₦25.64 billion.

The company also recorded a 34 per cent increase in net investment income, from ₦2.61 billion in the corresponding period of 2025 to ₦3.51 billion in 2026. This performance reflects the contribution of its investment portfolio to income during the period.

Commenting on the results, the Managing Director/Chief Executive Officer, Dr. Adaobi Nwakuche, said: “Our nine-month performance reflects notable developments in our financial position, particularly the growth in our asset base, equity position and investment income.

“As we continue to build on these gains, our focus remains on strengthening our core insurance business, enhancing operational efficiency and improving overall business performance.

“Our commitment to meeting our obligations to policyholders remains central to our business as we work towards delivering sustainable value to all stakeholders.

The results also highlight areas requiring continued management attention within the company’s underwriting operations. Insurance revenue stood at ₦15.41 billion, compared to ₦16.31 billion in the corresponding period of 2025, while the company recorded a loss after tax of ₦3.84 billion, against a profit after tax of ₦4.12 billion in the previous year.

This performance was largely attributable to increased insurance service expenses and net expenses from reinsurance contracts held.

Overall, the results reflect growth in Veritas Kapital Assurance’s asset base, equity position and investment income, alongside areas for improvement in its insurance operations.

The company remains focused on strengthening its core business, enhancing operational efficiency and sustaining its commitment to delivering dependable insurance solutions and long-term value to its stakeholders.

About Veritas Kapital Assurance Plc
Veritas Kapital Assurance Plc is a Nigerian insurance company providing general insurance solutions to individuals and businesses. The company is committed to delivering reliable insurance services and building lasting relationships with its customers and stakeholders.

The post Veritas Kapital Assurance Records 54% Growth in Total Assets to ₦54.56 Billion, Strengthens Financial Position appeared first on Business Today NG.

Business

Airline refunds aggrieved passenger’s fare, adds perks

Published

11 hours ago

November 12, 2026

PlateauReports

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Governance expert Joe Abah has confirmed he received a full refund of his flight ticket from United Nigeria Airlines after a six-hour flight delay.

Mr Abah disclosed that the airline refunded his ticket within 12 hours of his request and offered him a 50 per cent discount on a future flight for four months.

In a post on X on Thursday, Mr Abah said the airline has apologised, refunded his money, and offered compensation following the disruption to his Enugu-Abuja journey.

“I can confirm that I have now received a full refund from @flyunitedng and that the refund came within 12 hours of my making the request,” he wrote.

“They also offered compensation of 50 per cent off a future flight for the next four months. They have thus apologised, offered compensation, and speedily refunded my money. These are good remedial steps,” he added.

PREMIUM TIMES reported on Wednesday that United Nigeria Airlines apologised to Mr Abah over the delay, acknowledging that its communication and follow-up with affected passengers fell below expectations after he called out the airline on X and questioned its handling of the disruption.

Mr Abah had said his flight, scheduled to depart Enugu for Abuja at 8:30 a.m. on Tuesday, was delayed until 3 p.m., prompting him to demand an immediate refund and question the airline’s explanation.

United Nigeria Airlines, in its response, said its aircraft encountered worsening weather conditions while approaching Akanu Ibiam International Airport, Enugu, forcing it to divert to Anambra in line with safety procedures.

The airline said weather conditions can vary across routes and airports and change quickly, explaining why other aircraft might land while its own could not.

It also acknowledged that keeping passengers adequately informed remains its responsibility, even though weather-related disruptions are sometimes beyond its control.

Following the airline’s response, Mr Abah demanded an immediate refund after purchasing another airline ticket to complete his journey.

The airline subsequently asked him to submit a refund request through its official website, promising immediate processing rather than the usual seven working days.

READ ALSO: Nigerian airline removes passenger after threat to ‘burn down’ aircraft

Mr Abah’s latest confirmation indicates the refund was completed within 12 hours of his request.

The development resolves the refund dispute and highlights how public complaints draw attention to passenger concerns over flight delays, communication, and refund procedures among domestic airlines.

Nigeria’s Civil Aviation Regulations contain consumer protection provisions covering flight delays, cancellations, passenger assistance and compensation in qualifying circumstances.

The NCAA advises passengers to first lodge complaints with airlines and escalate unresolved cases to its Consumer Protection Department.