SEC Orders Nigerian Capital Market Firms to Cut Financial Ties With Iran and North Korea

Nigeria’s Securities and Exchange Commission has directed all regulated capital market operators to end specified financial and business relationships linked to Iran and North Korea. The August 14, 2026 circular requires operators to terminate correspondent banking relationships with North Korean financial institutions and restrict or reject relevant transactions involving North Korean nationals, companies and government bodies. They must also stop processing transactions involving Iranian financial institutions or maintaining Iranian financial-sector branches, subsidiaries or representative offices in Nigeria. Myanmar-linked customers and transactions are not banned, but must receive enhanced due diligence and closer monitoring. The SEC also listed countries, including Algeria, Angola, Cameroon, Kenya, Lebanon, South Sudan, Syria, Venezuela, Vietnam and Yemen, for increased scrutiny. Operators must report suspicious transactions to the Nigerian Financial Intelligence Unit and subscribe to the Nigeria Sanctions Alerts system. Non-compliance may lead to fines, suspension or withdrawal of registration. The measures follow updated Financial Action Task Force risk assessments.

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