No hiding place for violators in capital market — SEC warns
The Securities and Exchange Commission (SEC) has reaffirmed its commitment to cracking down on violators in the country’s capital market, warning that no offender will go unpunished.
The Director-General of SEC, Dr Emomotimi Agama, issued this caution in a notice to market operators, which was obtained by journalists on Sunday in Abuja.
Dr Agama stressed that individuals and firms engaging in unethical practices would face strict regulatory action, as investor protection remains a cornerstone of the commission’s mandate.
He referenced the Investments and Securities Act (ISA) 2007, which clearly defines the objectives of securities regulation in Nigeria, adding that operators must uphold integrity and accountability.
“It is crucial that, as a form of self-regulation, market operators understand that any deviation from ethical standards will be exposed.
“The fundamental principle of licensing a securities market operator lies in the ‘fit and proper person’ test.
“This means that individuals must fully comply with the requirements outlined in the ISA 2007 and all other relevant SEC regulations.”
Dr Agama made it clear that the SEC would intensify its enforcement measures, ensuring that no fraudulent activities escape scrutiny.
“There is no longer any refuge for those who intend to deceive investors and manipulate the market.
“The recent revocation of licences, suspension of operators, and enforcement actions against unregistered firms are just the beginning of our efforts this year.
“We firmly believe that a well-protected investor is an empowered investor, and we will leverage all available legal and regulatory tools to deter fraudulent individuals and entities.”
The SEC Director-General emphasised the Commission’s unwavering dedication to market transparency. He stated that compliance and disclosure of information are fundamental to a well-functioning capital market.
Dr Agama encouraged both existing and prospective market participants to collaborate with the Commission in fostering a more robust and credible investment environment.
