SEC to publish names of capital market violators in ‘name and shame’ journal
The Securities and Exchange Commission (SEC) has announced plans to disclose the identities of Capital Market Operators who breach market regulations in its newly introduced “name and shame” journal.
This decision was outlined in a recent public notice titled “Additional Enforcement Measures on Erring Capital Market Operators.”
The SEC’s latest initiative reflects its uncompromising stance on regulatory violations within the capital market, reinforcing its updated enforcement strategies.
According to the notice, “This publication will be in addition to the sanctions and penalties stipulated for each offence under the ISA 2007 and SEC rules and regulations.”
In a related update, the SEC announced the suspension of Centurion Registrars Limited, along with its directors and sponsored individuals.
The commission stated, “All clients of Centurion Registrars are advised to contact Africa Prudential Plc for further guidance.”
This action forms part of the commission’s broader enforcement efforts in 2025, aimed at eliminating non-compliant operators from the capital market.
Additionally, the SEC has revoked the registration of Mainland Trust Limited as a capital market operator, citing repeated regulatory breaches and unresolved customer complaints.
This decision, which takes immediate effect, was made in accordance with Section 38 (4) of the Investments and Securities Act, 2007, and Rule 34 (1) (e) of the SEC Consolidated Rules and Regulations 2013.
In early March, the SEC issued a public advisory against the ‘Pro-vest’ and ‘My Share’ investment schemes, both of which are operating under unregistered names.
The commission identified UYJ Multitrade Limited, which falsely claims to function as an Investment Adviser/Fund Manager in the Nigerian Capital Market while promoting the ‘My Share’ scheme, as an unregistered entity unauthorised to conduct financial transactions.
Furthermore, the SEC cautioned the public about the activities of Promiseland Estates Limited and Promiseland Building & Construction Limited, both affiliated with the Pro-Vest scheme, urging investors to steer clear of these entities.
In February, the SEC introduced a revised timeline for company offer approvals, significantly reducing the processing period to just two weeks.
This announcement, made by SEC Director-General Dr Emomotimi Agama on 24 February 2025, confirmed that approvals would now be granted within a fortnight, provided all required documentation is completed.
In a statement, the SEC stressed, “The capital market is the backbone of any economy, and time plays a crucial role in its efficiency. One of our key objectives has been to streamline processes and accelerate approvals.”
The commission further noted, “We have successfully shortened the approval period from over a year to just fourteen days.”
