The Securities and Exchange Commission (SEC) has issued a strong warning to individuals and organizations involved in illegal fund management activities, urging them to cease immediately or face significant legal repercussions.
In a statement released on Sunday in Abuja, SEC Director General Emomotimi Agama emphasized the Commission’s commitment to cracking down on illegal activities within Nigeria’s investment landscape. “Section 13(a) of the Investments and Securities Act 2007 states that the SEC has the power to regulate Investments and Securities business in Nigeria. So, within the law, we have the power to do so,” Agama noted.
He further explained that the SEC is enhancing its enforcement mechanisms in collaboration with the Nigerian Police Force and the Federal Ministry of Justice. “This serves as a notice to anyone not playing by the books to desist or face the law,” he added.
Agama reaffirmed the SEC’s dedication to protecting investors and fostering confidence in the market. He emphasized the importance of good corporate governance among public companies.
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Additionally, the SEC announced plans for World Investor Week 2024, scheduled from October 7-14, themed “Technology and Digital Finance, Crypto Assets and Sustainable Finance.” This global initiative, spearheaded by the International Organisation of Securities Commissions, aims to enhance financial literacy.
“During the week-long events, we will be reaching out to everyone who is interested and needs to know some of the plans and strategies that the SEC has in place to attract more investors to the market,” Agama said. He highlighted the significance of investor education, stressing that many potential investors are unaware of available opportunities.
“The idea of World Investor Week is to bring to fore the opportunities that exist, rights of the investor and the dispute resolution mechanisms that are available in case they have those challenges,” he explained. “It’s also to let them understand the value of investments and preparing for the rainy day.”
Agama emphasized the importance of understanding one’s investment risk appetite. “The point is, people have to know exactly what their appetite is. It’s not everyone that has a strong risk appetite,” he stated. He urged investors to seek guidance from advisors when uncertain about investment choices, asserting that proper education can mitigate future losses.
To further educate the public, the SEC plans to utilize social media and traditional media channels. “Besides that, we are also incorporating capital market studies into the curriculum of tertiary institutions so that these students can be taught and nurtured from the cradle on the value of the capital market in wealth creation and economic development,” Agama concluded.
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