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Tag: SEC

  • $10trn opportunities lie in digital assets – SEC

    $10trn opportunities lie in digital assets – SEC

    The Securities and Exchange Commission (SEC) says opportunities in digital assets will be worth ten trillion dollars by 2030.

    The Director-General of SEC, Dr Emomotimi Agama, said this in his acceptance speech after his election as the Vice Chairman of the Africa/Middle East Regional Committee (AMERC) of the International Organisation of Securities Commissions (IOSCO).

    Agama, in a statement on Sunday, said that with young, tech-savvy populations, Africa and the Middle East must lead and not follow in digital assets.

    He said his mandate as the Vice Chairman was to transform the capital markets into engines of inclusive growth, innovation, and shared prosperity for Africa and the Middle East.

    “We must aggressively expand listings by working with African Financial Markets Initiative (AFMI) and SSA exchanges to harmonise standards, reduce listing costs, and create cross-border linkages.

    “To boost liquidity, we will pioneer regional market-making schemes and advocate for pension fund reforms to channel domestic savings into productive investments.

    “Critically, we will partner with AFMI and development institutions to de-risk infrastructure investments and attract global capital. However, infrastructure alone is not enough.

    “With 70 per cent of Africa’s population under 30, we must empower youth through:  Retail investor programmes to democratise market participation, Fintech sandboxes to nurture youth-led innovation and Listings of high-growth startups to create wealth and jobs,” he said.

    Agama said there was still a lot of work to be done despite the progress made by IOSCO.

    He called on members to continue to render the mutual support and cooperation of past years for the benefit of investors, markets and indeed the world economy.

    He noted that the committee would continue to deepen discussions and debates to launch a  “Listings Growth Initiative” for Small and Medium Enterprises.

    Agama would serve on the Board of IOSCO, the highest decision making organ of the global securities regulatory organisation, till 2026.

    IOSCO is recognised as the leading international policy forum for securities regulators.

    The organisation’s membership regulates more than 95 per cent of the world’s securities markets in over 100 jurisdictions.

    IOSCO was established in 1983 as the standard setter for the securities industry worldwide and currently has over one hundred ordinary members.

  • Nigeria is open for stablecoin business – SEC DG

    Nigeria is open for stablecoin business – SEC DG

    Dr Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC) says Nigeria is ready for stablecoin businesses that comply with the country’s regulations.

    He said this on Thursday at the Nigeria Stablecoin Summit held in Lagos and organised by the Africa Stablecoin Network.

    While delivering his keynote address titled “Building a Regulatory Framework for Stablecoin Innovation: The Nigerian Perspective”, Agama told stablecoin operators that stablecoin regulation is for the nation’s development.

    He said, “When the history books document Africa’s financial revolution, today will be remembered as the moment we moved from potential to action.

    “I stand before you as both a regulator and an advocate for responsible innovation. My message today is clear: Nigeria is open for stablecoin business, but on terms that protect our markets and empower Nigerians.”

    Agama emphasised the critical role of stablecoins in Nigeria’s rapidly evolving digital economy.

    “The digital economy in Nigeria is dynamic, youthful, and increasingly decentralised.

    “Across the continent, freelancers, traders, and businesses are increasingly opting for stablecoin payments to hedge against volatility, a trend significantly amplified by the naira’s fluctuations, which have driven exponential growth in demand for dollar-backed digital assets.”

    While acknowledging global regulatory approaches, Agama emphasised the need for localised solutions.

    “However, Africa needs African solutions, regulatory frameworks that reflect our market conditions, demographic realities, and development priorities,” he said.

    He noted that a cornerstone of this framework is Nigeria’s Investment and Securities Act (ISA 2025), which received presidential assent earlier this year.

    Agama explained that the ISA 2025 includes forward-looking provisions for digital asset regulation, anticipating that this will provide a firm legal foundation for oversight of stablecoins and other digital assets.

    Addressing common concerns about regulation stifling innovation, Agama said, “Are we stifling innovation? The evidence says no. Our regulatory sandbox continues to attract interest from both local and international startups.”

    He highlighted the success of this approach, as he said, “We have onboarded some firms focused on stablecoin applications, all while ensuring compliance with core risk management principles.”

    Agama envisioned a positive future for Nigeria in the digital financial landscape, saying, “Five years from today, I want to see a Nigerian stablecoin powering cross-border trade from Dakar to Dar es Salaam.

    “I want to see global capital flowing into Lagos as the stablecoin hub of the global South. This is not just finance. This is nation-building.

    “This is not just finance. This is nation-building,” he said.

    Also, Mr Nathaniel Luz, President of the Africa Stablecoin Network, commended the Federal Government of Nigeria for welcoming stablecoin technology to the country.

    He said, “This move is a significant step toward fostering a thriving and regulated digital asset ecosystem across Africa.

    “The conference is the first of its kind in Africa, and its goal is to bring together players and regulators for a brighter and more regulated space.

    “We thank the government for the friendly regulation. Nigeria stands to benefit a lot from stablecoin as an emerging market”.

  • SEC probes Ponzi scheme linked to FF Tiffany

    SEC probes Ponzi scheme linked to FF Tiffany

    The Securities and Exchange Commission (SEC) has revealed plans to commence investigation into the activities of an entity operating under FF Tiffany, allegedly running a fraudulent investment scheme that has defrauded citizens.

    A statement by SEC on Tuesday in Abuja said preliminary information revealed that the scheme, which promised investors unusually high and unrealistic returns, had resulted in the loss of several billions of naira.

    The SEC said it viewed the activity as a threat to investor confidence and the overall integrity of the financial system.

    The commission assured the public that it was working closely with law enforcement agencies and other relevant bodies to bring everyone involved in the unlawful operation to justice.

    According to SEC, those found culpable will be prosecuted in accordance with Investment and Securities Act (ISA) and regulatory provisions.

    SEC reiterated its earlier warnings to the general public to desist from engaging in Ponzi or unregistered investment schemes that promised guaranteed or exaggerated returns.

    ”These schemes are not registered with the SEC and do not offer investor protection under the law.

    “The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC said.

    The commission encouraged investors to conduct due diligence and verify the registration status of any investment firm or product by visiting the SEC website or contacting the commission directly through official channels.

    SEC said it remained committed to its mandate of protecting investors, ensuring fair practices, and maintaining confidence in Nigeria’s capital market.

  • SEC bans independent directors of public companies from becoming executive directors

    SEC bans independent directors of public companies from becoming executive directors

    The Securities and Exchange Commission (SEC) has banned  independent directors of public companies from transitioning into Executive Director roles within the same company or group.

    In a circular to public companies and capital market operators in Abuja on Friday, the Commission said the practice undermined the principle of board independence and weakened the value of having an impartial voice in company’s governance.

    SEC also introduced a three-year cooling-off period before a Chief Executive Officer (CEO) of a public company could be appointed as Chairman of the same company.

    The Commission said the decision was aimed at strengthening corporate governance and ensuring a clear separation of roles and oversight.

    ”The attention of the SEC has been drawn to the prevalence in recent times of the rotation of various directorship positions among individuals within the same entity or Group of companies.

    ”In particular, the Commission observes the worrying trend of the transmutation/conversion of Independent Non-Executive Directors (INEDs) to Executive Directors, including to the position of the Chief Executive Officer.

    “This practice clearly erodes the neutrality of the transmuting INEDs, compromises their ability going forward to provide objective judgment and is generally anti-ethical to the principles which underpinned independent directorship.

    ”This is outlined in both the National Code of Corporate Governance (NCCG) as well as the SEC Corporate Governance Guidelines (SCGG),” the Commission said.

    SEC in the circular also streamlined the tenures on CEOs and Board Chairmen, barring CEOs from becoming chairmen directly from their positions.

    “Pursuant to its powers under Section 355(r)(iv) of the Investments and Securities Act (ISA) 2025 to prescribe corporate governance standards for regulated entities.

    ”The Commission hereby directs that, the tenure of Directors of all Capital Market Operators considered as significant public interest entities, as determined by the Commission, would be limited to 10 consecutive years in the same company and a total of 12 consecutive years within the same group structure.

    “Furthermore, a Chief Executive Officer or Executive Director, who steps down after 10 or 12 consecutive years, as the case may be, cannot be appointed as Chairman until the expiration of a 3-year “cool-off period”.

    ”The tenure of such former Chief Executive Officer and Executive Director as Chairman shall be for a maximum of 4 years and no more,” the Commission said.

    SEC said the directives would take immediate effect and compliance was mandatory.

    The Commission urged all public companies and Capital Market Operators (CMOs) to take the directives into account in their board appointments and succession planning.

  • Again, SEC sounds warning on CBEX operations in Nigeria

    Again, SEC sounds warning on CBEX operations in Nigeria

    The Securities and Exchange Commission (SEC) says the Crypto Bridge Exchange (CBEX), operating under the corporate identity of ST Technologies International Ltd., remains banned in Nigeria.

    SEC, in a public notice issued on Wednesday, said that CBEX, also known as Smart Treasure/Super Technolog, had not been registered by the commission.

    The commission, however, advised the public to refrain from patronising or transacting any investment related business with the CBEX.

    The notice read, “The attention of the Securities and Exchange Commission has been drawn to media reports indicating that CBEX (Crypto Bridge Exchange), operating under the corporate identity of ST Technologies International Ltd, also known as Smart Treasure/Super Technology, has resumed operations across Nigeria.

    “According to the reports, CBEX promoters are demanding $200 from their subscribers with balances above $1,000 and $100 from those with less than $1,000 balances before withdrawals can be processed.

    “Unequivocally, neither CBEX nor ST Technologies International Ltd (or Smart Treasure/Super Technology) is registered with the commission or authorised to offer investment related services to the Nigerian public.

    “As a matter of fact, enforcement action has already been initiated against CBEX and its promoters following its previous unauthorised investment activities.

    “The commission is collaborating with relevant Law Enforcement Agencies to properly investigate CBEX/ST Technologies International Ltd. and will take appropriate actions in line with the provisions of the Investments and Securities Act 2025.

    “The Nigerian public is accordingly advised to REFRAIN from patronising or transacting with CBEX /ST Technologies International Ltd. (Smart Treasure or Super Technology) as they risk losing their funds.”

    The SEC advised the public to verify the registration status of investment platforms through the commission’s dedicated portal, www.sec.gov.ng/cmos, before transacting.

    It added that SEC remains committed to protecting investors and maintaining market integrity.

  • SEC orders firms to release old dividends

    SEC orders firms to release old dividends

    The Securities and Exchange Commission (SEC) has ordered all public companies and Registrars to stop treating dividends older than 12 years as “statute-barred”.

    The Commission issued this directive in a statement on Tuesday, particularly referring to dividends declared before the enactment of the Finance Act 2020.

    This move reaffirms the provisions outlined in Section 60 of the Finance Act, which governs unclaimed dividends and their proper treatment.

    According to the Act, dividends unclaimed for over six years must be transferred to the Unclaimed Funds Trust Fund (UFTF), pending shareholder claims.

    SEC Director-General Mr Emomotimi Agama stated that shareholders may still claim dividends not older than 12 years as of 31 December 2020.

    Agama noted some companies and Registrars wrongly treat such dividends as “statute-barred”, ignoring the Finance Act 2020’s provisions.

    “In response to ongoing inquiries, the Commission wishes to clarify the proper interpretation and handling of such unclaimed dividends,” he said.

    He explained that under Section 60 of the Finance Act 2020, dividends unclaimed for six years must be moved to the UFTF.

    These funds are to be held in trust, awaiting legitimate claims by shareholders at any point in the future.

    Until the UFTF is fully operational, the SEC directs companies and Registrars to honour all valid dividend claims from 31 December 2020 onwards.

    Agama added that companies and Registrars must comply immediately and submit regular reports as required under the Commission’s rules and regulations.

  • Punisher Coin resembles a Ponzi scheme – SEC warns

    Punisher Coin resembles a Ponzi scheme – SEC warns

    The Securities and Exchange Commission (SEC) has cautioned Nigerians against investing in a cryptocurrency called Punisher Coin, also known by the symbol $PUN.

    In a statement issued Sunday in Lagos, SEC said the presale was unauthorised and lacked regulatory approval, resembling a Ponzi scheme.

    According to the statement, the promoters of $PUN are not registered to operate in any capacity within Nigeria’s capital market.

    The Commission said: “Our attention has been drawn to online promotions of an unauthorised presale for a cryptocurrency called PUNISHER COIN, also known as $PUN.

    “Of particular concern is an article by Daily Trust E-Paper titled: ‘Cryptos to Buy: Why Punisher Coin Could Join Avalanche and Chainlink.’”

    SEC clarified that Punisher Coin and its promoters are neither registered nor approved to promote, launch, trade, or solicit investment from the Nigerian public.

    Preliminary investigations indicate Punisher Coin is a ‘meme coin’ — a type of digital asset often lacking tangible utility or a supporting project.

    Further findings confirm $PUN is indeed a meme coin, typically without real-world value, purpose, or technical foundation backing its existence.

    The value of such coins is usually driven by hype, social media trends, or promotional efforts by its creators and community.

    This makes them vulnerable to ‘pump and dump’ schemes — fraudulent tactics used to inflate and then crash a coin’s market price.

    In such schemes, promoters spread false hype, creating buying pressure, then sell off their holdings at the peak, leaving others with losses.

    After the promoters sell and stop hyping, the coin’s value usually plummets, causing unsuspecting investors to lose money rapidly.

    SEC noted these coins’ value is largely based on manipulation, not substance, with price swings driven by excitement and misleading claims.

    The public is therefore strongly warned against participating in the presale of Punisher Coin, as any investment is entirely at one’s own risk.

    The Commission urges investors to verify the legitimacy of any digital asset, its promoters, and platforms before committing funds.

    Verification can be done via SEC’s official portal:
    https://home.sec.gov.ng/fintech-and-innovation-hub-finport/registered-fintech-operators.

  • SEC raises alarm over new Ponzi scheme

    SEC raises alarm over new Ponzi scheme

    The Securities and Exchange Commission (SEC) has warned the public against investing in unregistered investment schemes, including Silverkuun Investment Cooperative Society/Silverkuun Limited.

    In a circular issued by the Commission in Abuja on Wednesday,  SEC said the scheme was not registered to operate in any capacity in the country’s capital market.

    The Commission said its attention had been drawn to the activities of these entities, which falsely present themselves as investment advisers and fund managers.

    “The attention of the Securities and Exchange Commission has been drawn to the activities of Silverkuun Investment Cooperative Society/Silverkuun Limited which holds itself out as an Investment Adviser/Fund Manager.

    “The Commission hereby informs the public that Silverkuun Investment Cooperative Society/Silverkuun Limited is not registered to operate in any capacity in the Nigerian Capital Market.

    The SEC advised the public to refrain from engaging with Silverkuun Investment Cooperative Society/Silverkuun Limited or its representatives in respect to any business in the capital market.

    “The Commission uses this medium to reiterate that transacting in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to financial risk including fraud and potential loss of investment.

    ”The investing public is therefore reminded to verify the status of companies and entities offering investment opportunities on the Commission’s dedicated portal  www.sec.gov.ng/cmos, before transacting with them,” SEC said.

    The Director-General of SEC, Dr Emomotimi Agama had recently warned that the Commission would not hesitate to shut down the operations of any unregistered entity.

    Agama had also said that the promoters would be made to face the full weight of the law.

    ”We will shut down their operations and the promoters will be made to face the full weight of the law,” he said.

  • Nigerian listed companies paid N1.1trn dividends in 2024 – SEC

    Nigerian listed companies paid N1.1trn dividends in 2024 – SEC

    The Securities and Exchange Commission (SEC) says listed companies on the Nigerian Exchange Ltd. (NGX) declared N1.1 trillion in dividends to shareholders in 2024.

    The Director-General of SEC, Dr Emomotimi Agama, disclosed this in a statement on Sunday.

    Agama said that N1 trillion had already been paid to shareholders out of the N1.1 trillion declared.

    According to him, this reflects improved market confidence and investor returns.

    He said that the commission, between January and December 2024, had approved a total of N3.68 trillion in new issues.

    “This comprised N59.82 billion in fixed income issuances and N3.62 trillion in equities, reflecting strong investor appetite and issuer confidence in the equity segment of our market.

    “For the period spanning January to April 2025, we have so far approved new issues valued at approximately N446.38 billion.

    “Of this amount, N265.90 billion was raised through fixed income instruments, while N180.48 billion was mobilised via equities,” he said.

    Speaking on mergers and acquisitions, Agama said the commission in 2024 approved 11 transactions with an aggregate value of N320.36 billion.

    “Most notable of these was the acquisition of a 58.02 per cent equity stake in Guinness Nigeria Plc by N Seven Nigeria Ltd., valued at over N103.7 billion.

    “There were also three corporate restructuring transactions, two share capital reconstructions, one takeover, and four registrations of securities.

    “Among the notable corporate restructuring transactions was the scheme of arrangement involving Flour Mills of Nigeria Plc, valued at over N105 billion, and the share capital reconstruction by Transnational Corporation Plc, which saw a one-for-four share consolidation amounting to N5.08 billion,” he said.

    Speaking further, he said the commission had approved three major transactions year-to-date worth N38.53 billion.

    “This includes two takeovers and one corporate restructuring. While no mergers have been recorded within the review period, the pace of market activity remains steady, with continued interest in strategic consolidation and reorganisation across key sectors.

    “These activities reflect continued strategic realignments within the market,” he said.

    On collective investment schemes, Agama said that it recorded robust expansion with a combined net asset value of N3.84 trillion as of fourth quarter of 2024.

    “Registered mutual funds reached 184 in number, with a combined net asset value of N3.84 trillion and over 800,000 unitholders.

    “Privately managed portfolios and products grew to 444 vehicles with assets under management totaling N4.69 trillion. In aggregate, 82 active asset management firms oversee N8.53 trillion in investments.

    “These figures reflect a maturing market where professional fund management is increasingly recognised as a critical driver of capital formation and wealth creation.

    “These figures are indicative of sustained activity in the market, particularly as issuers continue to leverage both the debt and equity segments to finance growth and investment,” he said.

  • CBEX: SEC blows hot, vows to deal with promoters of Ponzi schemes

    CBEX: SEC blows hot, vows to deal with promoters of Ponzi schemes

    The Securities and Exchange Commission (SEC) has warned social media influencers and bloggers against promoting unregistered investment schemes.

    SEC’s Director-General, Dr Emomotimi Agama, gave the warning in a notice issued on Sunday in Abuja.

    He said the commission was working closely with the Economic and Financial Crimes Commission (EFCC), the Nigeria Police Force, and other relevant government agencies to investigate and prosecute violators.

    According to Agama, the recently enacted Investments and Securities Act (ISA) 2025 specifically targets promoters of unregistered investment schemes.

    He urged celebrities, influencers, and bloggers to avoid endorsing such ventures or face legal consequences.

    “The law also covers influencers and bloggers who promote fraudulent schemes, with clear penalties, including imprisonment,” Agama stated.

    “We are using this opportunity to warn such individuals to immediately desist from promoting unregistered entities.”

    He reiterated that the SEC had the capacity, expertise, and legal backing to combat Ponzi schemes and protect the investing public.

    “We have dealt with similar schemes in the past and will continue to do so, leveraging the powers of the ISA 2025 to safeguard investors and develop the capital market,” he added.

    Agama cited the recent collapse of CBEX, a digital investment platform accused of defrauding Nigerians of over N1.3 trillion, as a wake-up call.

    He described CBEX’s promises of doubling investments within a month and its false claims of global partnerships as clear indicators of fraud.

    “The collapse of CBEX underscores the urgency of our crackdown. We are shutting down their operations, and the promoters will face the full weight of the law,” he said.

    He urged Nigerians to always verify the authenticity of any investment opportunity with the SEC before committing funds, cautioning that “if it sounds too good to be true, it probably is.”

    Agama reaffirmed the commission’s commitment to investor protection and market development, encouraging citizens to consult licensed professionals and avoid get-rich-quick schemes.

    “The SEC has also established dedicated departments to monitor market activities and conduct inspections aimed at detecting irregularities early.

    “These proactive measures are designed to prevent large-scale frauds like CBEX from recurring,” he said.

    He concluded by highlighting the significance of the ISA 2025, describing it as a major step forward in securing the Nigerian investment landscape and building a resilient financial market.