FG Official Gazette on Proscription of Banditry and Client Screening Against Sanction Lists

All Capital Market Operators (CMOs) are hereby notified that in line with the requirements of the Terrorism Prevention Act (No. 10,2011) and Terrorism (Prevention) Proscription Order Motion, 2021, the Federal Government of Nigeria has declared the activities of “YAN BINDIGA GROUP”, YAN TA’ADDA GROUP AND OTHER SIMILAR Groups in any part of Nigeria as Terrorism and Illegal, proscribing their existence and restraining any person or Group of Persons from participating in any manner whatsoever in any form in the activities of any of the Groups. All Capital Market Operators (CMOs) are required by this circular to screen and verify every client against the above proscribed groups and any other proscribed terrorist group(s), United Nation Security Council Resolutions (UNSCRs) list, Office of Foreign Assets Control (OFAC) list, etc. prior to the on-boarding of a new client and when carrying out one-off transaction(s). All existing clients of CMOs shall be screened prior to executing any transaction from the date of this circular. In line with the findings of screening, CMOs shall file suspicious transaction reports (STRs) immediately to the Nigerian Financial Intelligence Unit (NFIU). Click here to view the proscription order for ease of reference SECURITIES AND EXCHANGE COMMISSION (SEC) January 17, 2022