T he Securities and Exchange Commission (SEC) has identified several individuals and entities involved in financing Boko Haram's terrorist activities. These individuals were convicted by the Abu Dhabi Federal Court of Appeal in 2019 for collecting funds in Dubai and sending them to Nigeria to support terrorism. The SEC has frozen their assets and warned financial institutions to be vigilant. The commission emphasized that this move is preventive, aimed at disrupting terrorist funding networks. The SEC also stressed that non-compliance with anti-money laundering and counter-terrorism financing rules will attract severe penalties, including fines and reputational damage. The directive applies to all financial institutions, including banks, insurance companies, and designated non-financial businesses. The commission expects market operators to have systems that can quickly screen transactions, trace assets, and report suspicious activities. Failure to comply may lead to regulatory san...

M eta Platforms Inc. has filed an appeal against a Nigerian court ruling that found it breached the country's data protection laws and awarded $25,000 in damages to lawyer Femi Falana. In its appeal, Meta disputes the finding that it breached the Nigeria Data Protection Act, arguing it was incorrectly classified as a data controller. The company claims there is no evidence it controlled how personal data was processed. Meta also argues the damages award is "unjustified" and should be set aside. The company alleges it was denied fair hearing, saying the trial court raised issues without input from the parties and ignored key defence arguments. The appeal sets the stage for a legal battle that could impact platform responsibility and rights enforcement in Nigeria. Source: The Cable