SEC
and the Nigeria Sanctions Committee
The SEC is a member of the Nigeria Sanctions Committee, a body responsible for implementing targeted financial sanctions in support of national and international security objectives.
The Securities and Exchange Commission (SEC) plays a crucial role in the implementation of targeted financial sanctions, collaborating closely with the Nigeria Sanctions Committee (NigSac) to safeguard the integrity of the Nigerian capital market and combat the financing of terrorism and other illicit activities. This partnership ensures that the Nigerian capital market adheres to international standards and contributes to global efforts to counter financial crime.
The Nigeria Sanctions Committee: Enforcing Targeted Financial Sanctions
Established in 2022, NigSac is the national body responsible for implementing targeted financial sanctions under the United Nations Security Council Resolutions (UNSCRs). NigSac's mandate includes:
- Identifying and designating individuals and entities subject to targeted financial sanctions
- Freezing the assets of designated persons and entities
- Prohibiting transactions with designated persons and entities
- Implementing travel bans on designated persons
The SEC's Role in Sanctions Enforcement
The SEC plays a critical role in NigSac's work by:
- Identifying and verifying the identities of designated persons and entities
- Freezing the assets of designated persons and entities held within the capital market
- Disseminating sanctions information to regulated entities
- Investigating potential violations of sanctions regulations
Strengthening Cooperation for Effective Sanctions Implementation
The SEC and NigSac have established a strong working relationship, ensuring seamless coordination and information sharing. This collaboration has been instrumental in:
- Timely identification and designation of individuals and entities subject to sanctions
- Effective freezing of assets and prevention of prohibited transactions
- Enhanced compliance with sanctions regulations by market participants
Learn More About Sanctions Compliance
To learn more about NigSac's activities and the SEC's role in sanctions enforcement, we encourage you to visit the NigSac website
Through its active participation in the NigSac's work, the SEC remains committed to safeguarding the integrity of the Nigerian capital market, protecting investors, and upholding the nation's international obligations in combating financial crime.