Index to Nigerian Newspapers

Nigeria's apex capital market regulator, Securities and Exchange Commission (SEC), has directed all capital market operators to screen existing and potential clients for any possible link to proscribed groups under the Federal Government's official gazette on proscription of banditry and other global sanction lists. The screening applies to all foreign and local investors, and is in line with the requirements of the Terrorism Prevention Act (No. 10,2011) and Terrorism (Prevention) Proscription Order Motion, 2021. All existing clients of CMOs shall be screened prior to executing any transaction from the date of this circular. The Commission has directed CMOs to file suspicious transaction reports (STRs) immediately to the Nigerian Financial Intelligence Unit (NFIU) and updated the existing know-your-customer (KYC) format at the capital market. All stockbrokers are required to capture full information in respect of new clients and update information of their existing clients. The clearing house for the stock market, the Central Securities Clearing System (CSCS), should forward an editable format of lists of clients with incomplete records to stockbrokers for them to update and return such to CSCS. The regulator mandated the CSCS to ensure transmission of full information to the registrars following transactions and registrars must ensure that new or updated shareholders information transmitted to them are properly captured in the relevant company's register of members.