Business

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

Published

5 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

Leadway Backs ISSP to Deepen Insurance Penetration, Consumer Trust

Published

3 hours ago

September 11, 2026

Preport

Leadway Assurance Limited has launch Insurance Sector Strengthening Programme (ISSP), a five-year initiative.

The programme, held in Abuja, was designed to address key challenges limiting insurance growth in Nigeria, including low public awareness, weak consumer confidence, inadequate distribution, capacity constraints, and limited insurance adoption among women, young people, and Micro, Small and Medium Enterprises (MSMEs).

Speaking at the launch in Abuja, the Commissioner for Insurance and Chief Executive of NAICOM, Mr Olusegun Ayo Omosehin, said the programme would provide a coordinated framework to translate industry reforms into measurable improvements in insurance coverage and consumer confidence.

“The ISSP initiative will focus on six key areas: advocacy and policy, awareness and education, capacity building, gender inclusion, youth engagement, and MSME and value-chain development. Efforts to expand insurance coverage must be supported by strong underwriting standards, good corporate governance, effective claims administration, transparency and adequate policyholder protection. Regulation must serve as both a shield for policyholders and a compass for responsible market development.”

Also, the Head, Commercial Division, Leadway Assurance, Mr. Olawale Alao, described the ISSP as a timely intervention capable of tackling both the structural and perception-related challenges confronting the industry.
Alao said the programme offered stakeholders a structured platform to identify market gaps and develop practical solutions to improve public understanding and participation.

He said its success would largely depend on changing the perception of insurance from an optional financial product to an essential part of everyday life and financial planning.’

“Over the next five years, we believe this initiative can deepen awareness, particularly among young Nigerians, build stronger trust in the sector and encourage more people to see insurance as an essential tool for protection and financial resilience,” he said.

”Increasing the number of policyholders alone would not be sufficient, stressing that Nigerians must also understand the value of insurance and be able to incorporate it into their everyday financial decisions. He added that stronger awareness and confidence in insurance would be particularly important among younger Nigerians, who represent a major part of the country’s future consumer and investment base.Also speaking on this initiative, Team Lead of the ISSP Design Team and Managing Director of EMDI Capacity Development Ltd., Bukola Ifemade, called for urgent and coordinated action to unlock the trillion-naira potential of Nigeria’s insurance sector.

“This flag-off marks the beginning of this mobilisation. Success will require strong partnerships and a sustained commitment to innovation and inclusion,” he said.

The ISSP executive summary estimates that only about five per cent of Nigeria’s population currently has insurance coverage, while 78 per cent lack basic insurance knowledge. Women account for 32 per cent of policyholders, people aged 18 to 35 make up less than 20 per cent of the industry’s customer base, and insurance penetration among MSMEs is estimated at eight per cent. To address these gaps, the programme will target five million members of the general population, two million women entrepreneurs and decision-makers, 1.5 million young Nigerians and 250,000 MSMEs across Nigeria.

For Leadway, supporting the ISSP aligns with its commitment to building a formidable insurance industry by enhancing awareness, building consumer confidence, and making financial protection more accessible to individuals, families, and businesses.

About Leadway Assurance

Leadway Assurance is one of Nigeria’s foremost non-banking financial services groups, offering diversified solutions across insurance, pensions, health, and asset management. Founded in 1970, the company has built a legacy of trust and innovation, serving millions of individuals and businesses across Nigeria and West Africa.

The post Leadway Backs ISSP to Deepen Insurance Penetration, Consumer Trust appeared first on Business Today NG.

Business

CBN disowns purported $46 billion grant approval

Published

11 hours ago

September 10, 2026

Preport

The Central Bank of Nigeria (CBN) has disowned a purported document claiming that Governor Yemi Cardoso approved a $46 billion developmental grant to an organisation.

CBN, in a post on its official X account on Thursday, described the document as “fake” and urged members of the public to disregard it.

The purported letter, dated 13 August 2026, was addressed to the “Atufeg Empowerment and Development Centre” and claimed to be an official endorsement and authorisation for the release of a developmental grant.

It purportedly bore Mr Cardoso’s signature and stated that CBN had authorised the immediate transfer of $46 billion to the beneficiary’s designated account for the execution of “approved national empowerment and developmental projects.”

“The CBN confirms full endorsement and authorises the immediate transfer of these funds to the beneficiary’s designated account,” the purported letter stated.

It further claimed that the authorisation was “final and binding.”

Disclaimer

However, the apex bank, while sharing an image of the document on X, said: “This content is FAKE. Let the public be guided.”

CBN’s disclaimer comes amid the recurring circulation of purported government and financial institution documents on social media, underscoring the importance of verifying such claims through official channels before acting on them.

In recent months, OPay Digital Services Limited, May & Baker, MTN, Wema Bank and other corporate organisations have dissociated themselves from social media posts published by unauthorised entities impersonating their brands and issuing purported corporate messages.

On Thursday, the Nigeria Police Force National Cybercrime Centre (NPF-NCCC) announced that it had arrested Hafsat Abubakar for circulating false rumours about the OPay shutdown.

Similarly, in July, PREMIUM TIMES uncovered how unauthorised video advertisements on TikTok, offering financial assistance such as grants, loans, giveaways, and investment opportunities, were used to scam Nigerians.

The investigation found that the fraudulent ads, some of which were AI-generated, were designed to target and lure unsuspecting Nigerian users into scams.