SEC recalls 96% compliance to prudential filing
By Adenike Agunsoye
The Securities and Exchange Commission (SEC) has announced its enforcement action against capital market operators (CMOs) which has resulted in improved level of compliance among the CMOs with filing of prudential returns rising to 96 per cent in 2022 compared with 81 per cent in 2021.
The Commission stated that as the results of the various initiatives it is implementing begin to gradually manifest in 2023, the market would witness uncommon development in securities issuance especially as it affects digital assets, commodities trading ecosystem, custodianship of assets, and Fintech among others.
The Director General of the SEC, Mr. Lamido Yuguda, stated this in a New Year Message in Abuja, however, he said that the persisted proliferation of operators running illegal investment schemes in the country has continued to be a major concern to the capital market.
He, therefore, assured of a renewed onslaught against promoters of such schemes.
SEC has continued to employ its compliance tool to ensure that only fit and proper capital market operators practice in the market. This has resulted in an improved level of compliance with filing of prudential returns rising to 96 per cent in 2022 compared with 81 per cent in 2021,” he said.
Mr. Lamido Yuguda also added that, “With the implementation of the Revised Capital Market Master Plan, the market will also witness renewed confidence expected to attract fresh investments from domestic and foreign investors.
“Although 2023 is an election year and market activities may typically slow down before and during the general election, we are hopeful that the improved awareness and positive electioneering campaigns will lead to peaceful elections and a quick return to the pre-election levels of investment activities.”
On its fight against illegal operators, he said: “The SEC has been fighting a serious war against Ponzi schemes; we have been alerting people. We have said that investors should only deal with registered operators that have the registration of the Commission.”
