Section 54: Freezing order in respect of designated persons or entities.

(1) Upon the publication of the UN Consolidated List of persons and entities designated by the UN in accordance with UNSCR 1267(1999) and its successor resolutions, and the Nigeria Sanctions List, all natural and legal persons in Nigeria, including financial institutions, designated non-financial business and professions, and other entities in Nigeria shall—
(a) immediately, identify and freeze, without prior notice, all funds, assets, and any other economic resources belonging to the designated person or entity in their possession and report same to the Sanctions Committee;
(b) report to the Sanctions Committee any assets frozen or actions taken in compliance with the prohibition requirements of the relevant UNSCRs, including attempted transactions;
(c) immediately file a Suspicious Transactions Report to the NFIU for further analysis on the financial activities of such an individual or entity; and
(d) report as a Suspicious Transactions Report to the NFIU, all cases of name matching in financial transactions prior to or after receipt of the Nigerian Sanctions List.
(2) The freezing obligation under subsection (1), shall extend to—
(a) all funds or other assets that are owned or controlled by the designated person or entity, and not just those that can be tied to a particular act, plot, or threat of terrorism or terrorism financing;
(b) those funds or other assets that are wholly or jointly owned or controlled, directly or indirectly, by designated persons or entities;
(c) the funds or other assets derived or generated from funds or other assets owned or controlled directly or indirectly by designated persons or entities; and
(d) funds or other assets of persons and entities acting on behalf of, or at the direction of designated persons or entities.
(3) Sector regulators shall—
(a) provide clear guidance to financial institutions, designated nonfinancial business and professions, and other entities on their obligation to take freezing action in accordance with this section; and
(b) impose administrative sanctions against a financial institution, designated non-financial business and professions, and other entities in breach of immediate freezing obligation and rules against tipping off.
(4) Without prejudice to subsection (1), the Attorney-General shall without delay apply to the Court ex-parte for a freezing order —
(a) directing financial institutions, designated non-financial businesses and professions, other entities, or any person in control of the account of a designated person or entity to freeze the account; and
(b) freeze or confiscate assets and other economic resources belonging to the designated person or entity.
(5) For the purposes of this section, “immediately” means not later than 24 hours.
(6) It shall be the responsibility of all financial institutions, designated non-financial businesses and professions and other entities to monitor their accounts and transactions against the UN Consolidated List and the Nigeria Sanctions List.
(7) For purposes of this section, sector regulators shall examine their client-base and monitor transactions to ensure compliance with obligations under this section.