Capital Market Operators Warned not to do Business with IPOB, Yoruba Nation, Bandits, OthersYour support matters. Sustain independent journalism in Nigeria – contribute to Legit.ng. Capital Market Operators have been warned by Nigeria’s Securities and Exchange Commission not to do business with proscribed terrorist groups in any part of the country. In a circular, seen by Legit.ng, the SEC disclosed that Nigeria’s Justice Ministry has gazette a declaration criminalising bandits as terrorists The SEC said operators would be screened before carrying out any transactions from the date of the circular. Do you have a groundbreaking story you would like us to publish? Please reach us through info@corp.legit.ng! Recommended for you "No old notes yet from CBN": Banks ration cash as Supreme Court suspends wi... What SEC said. According to the SEC, the Nigerian government has proscribed their existence restrained anybody or group of persons from taking part in any way, in any form with the proscribed groups. The SEC urged CMOs to carefully screen and confirm every client against the illegal groups. It mentioned the United Nations Security Council Resolutions list, the Office of Foreign Asset Control list and others before onboarding new clients and doing one-off transactions. Meanwhile, Legit.ng reported that Nigeria’s Securities and Exchange Commission (SEC) has warned the public over the operations of FinAfrica Investment Limited based in Enugu and Poyoyo Investment in Lagos that they are Ponzi schemes as they do not have viable business models. Recommended for you CBN stops bank agents from using PoS terminals for transactions, along with... The Exchange said the operations of the outfits are illegal as they are not recognised by Commission. In the circular by the management of the SEC which was published on its website on Tuesday, December 27, 2021, the Commission said the operational style of the companies is not authorised by it. Source: Legit.ng The Security and Exchange Commission has asked Capital Market Operators not have anything to do with proscribed groups like IPOB, Yoruba Nation and others The SEC cited a recent gazette of the Nigerian government declaring bandits as terrorists in Nigeria It asked operators to carefully vet persons or group of persons before doing any business or onboarding them Your support matters. Sustain independent journalism in Nigeria – contribute to Legit.ng. Legit.ng, Do you have a groundbreaking story you would like us to publish? Please reach us through info@corp.legit.ng! Legit.ng “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.”