Capital Market Operators (CMOs) in Nigeria have been warned not to interact with clients linked to outlawed terrorist groups in any area of the country, according to the Nigerian Security and Exchange Commission.
After Nigeria’s Justice Ministry published a gazette classifying bandit organizations operating in any region of the country as terrorists, the SEC issued a circular.
They also stated that beginning January 17th, existing CMOs would be examined prior to finalizing any transaction.
The SEC warned that “Capital Market Operators (CMOs) are hereby notified that in line with the requirements of the Terrorism Prevention Act (No. 10,2011) and Terrorism (Prevention) Prescription 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.