SEC directs capital market operators to register for NigSac alerts, freeze terror funds

Nigeria’s Securities and Exchange Commission has ordered all capital market-regulated entities to immediately subscribe to the NigSac Alerts system and freeze funds linked to designated terrorism financiers, according to Nairametrics.

The directive follows fresh designations by Nigerian and US authorities targeting individuals and Bureau de Change operators accused of financing the Islamic State West Africa Province. SEC’s circulars, implementing FATF high-risk jurisdiction rules, require operators to terminate ties with flagged entities and jurisdictions including North Korea, Iran and Myanmar.

Non-compliance risks fines, suspension, or registration revocation under the Investments and Securities Act, 2025.