Saturday, May 28, 2022

SEC warns market operators against doing business with bandit clients

The call was in line with the gazette released by the federal government proscribing the activities of bandits, terrorists and kidnappers.

• January 19, 2022
Bandits
Bandits used to illustrate the story

The Securities and Exchange Commission (SEC) has called on all capital market operators (CMOs) to screen and verify their clients to clear them of any links with proscribed terrorist groups.

A circular released by the SEC on its website said the call was in line with the gazette released by the federal government proscribing the activities of bandits, terrorists and kidnappers.

The commission urged the operators to file any suspicious transaction reports immediately to the Nigerian Financial Intelligence Unit (NFIU) in line with their findings.

“All CMOs are hereby notified that this is in line with the requirements of the Terrorism Prevention Act (No. 10) and Terrorism (Prevention) Proscription Order Motion, 2021. The federal government has declared the activities of Yan Bindiga Group, Yan Ta’adda Group and other similar group in Nigeria as terrorism and illegal,” stated SEC. 

It added that the government proscribed “their existence and restrained any person or group of persons from participating in any manner whatsoever or any form in their activities.”

By this, SEC told all the CMOs that they “are required by this circular to screen and verify every client against the above-proscribed groups and any other proscribed terrorist group(s) on United Nation Security Council Resolutions (UNSCRs) list, Office of Foreign Assets Control (OFAC) list.”

The screening and verification should be done prior to onboarding a new client and when carrying out one-off transaction(s).

The federal government had released a publication gazetting the bandits, kidnappers and others as terrorists’ activities. 

(NAN)

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Politics

James Faleke wins APC Ikeja Federal Constituency ticket for fourth term

The Returning Officer, Ewosho Oladunjoye, declared Mr Faleke the winner having polled 47 votes out of a possible 50.

Senator Teslim Folarin

Politics

Teslim Folarin emerges APC guber candidate for Oyo

Mr Folarin polled 954 votes, Mr Adelabu 327, Mr Agbaje 15, Mr Alao six, Mr Adeduntan two votes while Mr Akintola had no vote.

FESTUS OKOYE

Politics

2023: INEC to close candidates’ nomination portal June 17

The commission said it would close that of the governorship and state assemblies’ nominations on July 15.

National War Museum

NationWide

Curator urges Nigerians to visit National War Museum in Umuahia

The curator said the “specialised museum” tells the story of the Nigerian civil war and the different war implements used.