Abuja: The Securities and Exchange Commission (SEC) asserts there is no refuge for violators within the nation’s capital market.
According to News Agency of Nigeria, the Director-General of SEC, Dr. Emomotimi Agama, issued a stern warning to market operators in a notice, emphasizing that those engaging in unscrupulous activities will face consequences. Dr. Agama stressed that investor protection remains a core principle for the commission, as outlined in the Investments and Securities Act (ISA) 2007.
Dr. Agama highlighted the importance of self-regulation among operators, noting that those who fail to adhere to ethical standards will be publicly exposed by the SEC. He explained that the “fit and proper person’s test” is essential for registering a securities market operator, ensuring compliance with ISA 2007 and other SEC regulations.
The SEC’s recent actions, including license revocations and operator suspensions, are just the beginning of a more rigorous enforcement strategy planned for the year. Dr. Agama underscored that a protected investor is an empowered investor, and the SEC is determined to deter any fraudulent activities targeting Nigerian investors.
Furthermore, Dr. Agama called on all market participants to understand and comply with the Commission’s responsibilities, emphasizing that compliance and information disclosure are vital objectives of securities regulation. He encouraged both existing and prospective market participants to collaborate with the Commission to support the market’s growth and integrity.