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Tag: SEC

  • New details on CBEX operations in Nigeria emerge [READ]

    New details on CBEX operations in Nigeria emerge [READ]

    The Securities and Exchange Commission (SEC) has announced that Crypto Bridge Exchange (CBEX) is not authorized to function as a digital assets exchange in Nigeria.

    The SEC in a notice issued on Thursday, April 17, indicated that CBEX, which operates under several names including ST Technologies International Ltd and Smart Treasure/Super Technology, has been involved in unauthorized investment solicitation, promising unrealistically high returns to unsuspecting investors in Nigeria.

    The commission further cautioned the public against engaging in transactions with this platform.

    “The Commission wishes to clarify that neither CBEX nor any of its affiliates have ever received registration from the Commission to operate as a digital assets exchange, solicit public investments, or engage in any other activities within the Nigerian capital market,” SEC stated.

    TheNewsGuru reports that SEC had previously stated that Crypto Bridge Exchange (CBEX) was never granted registration to operate as a digital assets exchange in Nigeria.

    Dr Emomotimi Agama, Director-General of the SEC, said this in a statement on Sunday, while urging the public to cease all dealings with the platform.

    The warning follows recent reports of CBEX, operating under various names, including ST Technologies International Ltd. and Smart Treasure/Super Technology, soliciting investments with promises of high returns.

    CBEX has failed to honour withdrawal requests from its subscribers and abruptly closed its physical offices amid mounting complaints.

    Agama said, “The commission hereby clarifies that neither CBEX nor its affiliates were granted registration by the commission at any time to operate as a Digital Assets Exchange, solicit investments from the public, or perform any other function within the Nigerian capital market.”

    He said that preliminary investigations carried out by the commission had revealed that CBEX engaged in promotional activities to create a false perception of legitimacy.

    He noted that this was to entice unsuspecting members of the public into investing monies, with the promise of implausibly high guaranteed returns within a short timeframe.

    He emphasised that pursuant to the provisions of Section 196 of the Investments and Securities Act 2025, the commission would collaborate with relevant law enforcement agencies to take appropriate enforcement action against CBEX, its affiliates, and promoters.

  • CBEX: Investigations ongoing, promoters will not go scot-free – SEC

    CBEX: Investigations ongoing, promoters will not go scot-free – SEC

    The Securities and Exchange Commission (SEC) has stated that Crypto Bridge Exchange (CBEX) was never granted registration to operate as a digital assets exchange in Nigeria.

    Dr Emomotimi Agama, Director-General of the SEC, said this in a statement on Sunday, while urging the public to cease all dealings with the platform.

    The warning follows recent reports of CBEX, operating under various names, including ST Technologies International Ltd. and Smart Treasure/Super Technology, soliciting investments with promises of high returns.

    CBEX has failed to honour withdrawal requests from its subscribers and abruptly closed its physical offices amid mounting complaints.

    Agama said, “The commission hereby clarifies that neither CBEX nor its affiliates were granted registration by the commission at any time to operate as a Digital Assets Exchange, solicit investments from the public, or perform any other function within the Nigerian capital market.”

    He said that preliminary investigations carried out by the commission had revealed that CBEX engaged in promotional activities to create a false perception of legitimacy.

    He noted that this was to entice unsuspecting members of the public into investing monies, with the promise of implausibly high guaranteed returns within a short timeframe.

    He emphasised that pursuant to the provisions of Section 196 of the Investments and Securities Act 2025, the commission would collaborate with relevant law enforcement agencies to take appropriate enforcement action against CBEX, its affiliates, and promoters.

    “The commission uses this medium to remind the public to refrain from investing in or dealing with any entity offering unrealistic returns or employing similar recruitment-based investment models.

    “Prospective investors are advised to verify the registration status of investment platforms through the commission’s dedicated portal: www.sec.gov.ng/cmos before transacting with them,” he said.

    Agama noted that the commission was launching a more forceful and coordinated enforcement regime against unregistered and illegal “phony” investment schemes, otherwise known as Ponzi schemes.

    He said that with the newly enacted Investments and Securities Act, 2025 (ISA 2025), the commission now had enhanced powers to prosecute Ponzi schemes and their promoters.

    He explained that investigations were ongoing on CBEX, adding that promoters of the failed scheme would not go scot-free.

    Agama said the new law had given the commission more powers and blocked loopholes in emerging areas of virtual and digital assets.

    “The ISA 2025 has given the commission the legal backing to provide clarity, ensure investor protection, and enhance market confidence, especially in new and previously unregulated segments such as digital asset exchanges and online foreign exchange platforms,” he said.

    He added that while the apex capital market regulator would continue to support innovations in finance and investments, the commission would maintain strict oversight in line with its enhanced investor’s protection mandate.

    He said, “We welcome innovation, but it must occur within a regulated environment that protects investors and maintains the integrity of our market.”

    He recalled that even with the limited scope of the repealed Act, the SEC had maintained extensive surveillance and was able to shut down a number of Ponzi schemes, with some of the promoters, like Fahmzi Interbiz, jailed for defrauding Nigerians.

    According to him, with the ISA 2025 giving the commission more powers to deal with issues, the commission will ensure that promoters of such schemes are not allowed to operate.

  • SEC warns Nigerians against investing in ‘Pro-Vest, My Share’ schemes

    SEC warns Nigerians against investing in ‘Pro-Vest, My Share’ schemes

    The Securities and Exchange Commission (SEC) has warned the public against investing in ‘Pro-vest’ investment scheme and ‘My Share’ operating under UYJ multi trade Ltd.

    SEC in a notice in Abuja on Friday said Pro-vest was being promoted by Promiseland Estates Ltd., and Promiseland Building & Construction Ltd. which called themselves Investment Advisers/Fund Managers in the country’s capital market.

    The commission said that MY SHARE operating under the name, UYJ Multi trade Ltd., was also parading as an Investment Adviser/Fund Manager in the market.

    SEC said both companies were not registered to operate in any capacity in the country’s capital market.

    The commission described the investment schemes as illegal and warned the public against dealings with them.

    ”The general public is advised to refrain from engaging with Promiseland Estates Ltd. and Promiseland Building and Construction Ltd.

    ”The public should also refrain from engaging with MY SHARE and UYJ Multi trade Ltd. or any of their representatives in respect of any business pertaining or relating to the Nigerian capital market.

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

    SEC reiterated that transacting in the country’s capital market with unregistered and unregulated entities would expose investors to the risk of fraud and potential loss of investment.

  • How women mostly fall victim of Ponzi schemes in Nigeria

    How women mostly fall victim of Ponzi schemes in Nigeria

    The Securities and Exchange Commission (SEC) says victims of Ponzi schemes in the country were mostly women.

    Dr Emomotimi Agama, Director-General, SEC, said this on Thursday in Abuja, at an event to mark the International Women’s Day (IWD) celebration organised by the commission.

    Agama said that there was therefore the need to educate and empower women to make informed decisions and create wealth in the capital market.

    According to him women make up the commodities market. We want to make sure that we provide an avenue and a platform where they can sell their produce after producing them.

    ”I also want to speak about the vulnerabilities of women. Most of the Ponzi schemes that we have in Nigeria, the majority of the victims are women.

    ”And the reason is very simple, the woman’s heart is very empathic, all that she thinks about is how to resonate her family, help her family, and grow the provisions of her family.

    ”We must re-empower the women, re-educate them, and we must bring them to the fore of national recognition when it comes to the capital market.”

    In the same vein, the Minister of Women Affairs, Hajia Imaan Sulaiman-Ibrahim, charged women to make their impact count through display of excellence.

    The minister commended the SEC for financial literacy to the women on finance investment, saying it would help them make better investment decisions.

    Sulaiman-Ibrahim said that the programme would also equip them with sound financial knowledge on savings, investments, and wealth creation.

    She added that it would provide access to secure financial products tailored to women’s needs and strengthen protections against financial exploitation, particularly through Ponzi schemes and fraudulent investment platforms.

    In a lecture, Mrs Hafsat Rufai, the Director, Registration, Exchanges and Market Infrastructure, SEC, said that the capital market played pivotal role in economic development.

    She listed some benefits of investing in the capital market to include wealth creation, dividend income, liquidity and tax benefits.

    The director called on women to verify and ensure that investment companies were registered by the SEC before patronising them.

    Similarly, Mrs Hansatu Adegbite, Chairperson, Association of Nigerian Business Women Network, commended SEC for the financial literacy initiative for women.

    ”Where poverty prevails, we need to create wealth. One place that women do not look at is the capital market. We need some of these lectures to educate more women.

    ”Women need to look inward to invest; you must multiply your money. It is time to arise and educate ourselves and take actions,” she said.

    Women associations from various sectors attended the event. The event is with title ”Accelerate Action: Empowering Women through Financial Literacy and Inclusion’.

  • SEC slashes timeline for offers

    SEC slashes timeline for offers

    The Securities and Exchange Commission (SEC) says it has reduced the time it takes for companies to obtain approval for offers to two weeks.

    The commission said this in a statement on Monday in Abuja on Monday.

    It said approvals would be granted to companies within two weeks once the necessary documents were complete.

    SEC said the move was to ensure that the capital market was more efficient and better positioned to aid the development of the country’s economy.

    The commission said that issuers were not also experiencing delays in their applications anymore due to various mechanisms adopted by the Commission to ensure that applications were swiftly attended to and approvals received in record time.

    ”The capital market is the life and blood of any economy and of course this is actually regulated by time.

    ”So, one of the first things we have tackled since we came was to reduce the time to market.

    ”Therefore, I can proudly say that we have reduced the time to market from over a year to fourteen days,” the SEC said.

    The commission said that with the banking recapitalisation exercise, banks were able to raise over N2.2 trillion from the capital market using the electronic offering platform.

    ”All of these transactions have been fully subscribed and we have encouraged the use of technology.

    ”They used the e-offering platform meaning you do not have to use paper anymore to apply in this market. We hope to get better by the day.

    “Technology is the in-thing, the ISA 2007 has provided for that. The NGX has an e-IPO system and that has been proven to be very effective.

    “All of the offers that came within this period were approved within 14 days as promised. In this year, we will make more use of technology in the work that we do,” SEC said.

    The commission said it would remained committed to protecting investors and developing the market.

  • Blockchain tech will aid capital market regulations – SEC

    Blockchain tech will aid capital market regulations – SEC

    The Securities and Exchange Commission (SEC) says the deployment of blockchain technology will improve efficiency and aid the regulation of the capital market.

    Dr Emomotimi Agama, the Director-General of SEC, said this when a delegation from Algorand Foundation visited him in Abuja on Tuesday.

    Blockchain technology is a secured, decentralised database that stores and shares transaction data across a network of computers. It is known for its use in cryptocurrencies but it has many other applications.

    Agama said blockchain presented an opportunity to build a future where Africa’s significant issues of financial exclusion, lack of transparency, inefficiencies in public and private sectors would be addressed.

    He said the commission was consistently aligning with international best practices by collaborating with global regulatory bodies such as the International Organisation of Securities Commissions.

    Agama said the collaboration was to ensure the commission’s regulatory framework remained robust, adaptive, and enabled cross-border collaboration and foster investors’ confidence.

    He noted that SEC had introduced several measures including the Accelerated Regulatory Incubation Programme and Regulatory Incubation to ensure the innovations were harnessed responsibly.

    Agama added that the programme would foster innovation as well as safeguarding consumers.

    According to him, the recent approval-in-principle granted to two digital asset exchanges and five firms participating in these programmes is a testament to our commitment to enabling innovation.

    ”In this era of technological innovation, the question is not whether Africa will adopt blockchain, but how it will shape its adoption to maximise its benefits for all the people.

    “We want to activate the blockchain in our efficiency; we want to be able to use it to regulate our market.

    ”My dream is to have all of the information we need to do our work in a blockchain. We want to bring technology into our system for effectiveness where we can work seamlessly and everything that we do will be traceable.

    “So, wherever there is a toxin in the blockchain, we will find it and deal with it.

    “We want to leave a legacy that each of us will be proud of when we leave this commission but in getting that to happen, we must all be educated enough to drive that course,” Agama said.

    Mr Eric Wragge, the Global Head of Business Development, Algorand Foundation, said the team was in the country to democratise technology and assist interested organisations and businesses take advantage of the benefits of blockchain technology in their operations.

    “It is an honour to be here.

    ”We are here to tell you what block chain is all about and how it can help your work.

    ”It is free to use, our job is to go round the world, discover where the technology can be used and help people implement,” Wragge said.

  • SEC sets deadline for 2025 registration renewal

    SEC sets deadline for 2025 registration renewal

    The Securities and Exchange Commission (SEC) has fixed January 31 as deadline for registration renewal of all Capital Market Operators (CMOs).

    The commission said in a circular issued to the operators on Sunday in Abuja. It said the annual registration renewal would last between January 1 and 31.

    The apex capital market regulator said the annual registration renewal enforcement for CMOs was aimed at ensuring that only “fit and proper” persons operate in the capital market.

    It further said that CMOs without valid registration would be penalised and may be excluded from capital market activities.

    ”This is to inform all CMOs and the general public that the annual renewal of registration of CMOs for the year 2025 will commence from January 01.

    “All CMOs applying for renewal are required to include their 2025 annual subscription receipt from their respective trade groups as part of their application.

    “In line with the commission’s Rules & Regulations, all CMOs are to complete the process of renewal of registration for 2025 on or before January 31 via  registration renewal portal at www.eportal.sec.gov.ng,” it said.

    The commission added that CMOs desiring to make enquiries or get support to complete the process should contact registration@sec.gov.ng.

    The regulator said it had in 2021 re-introduced periodic registration renewal by CMOs to create a reliable active operators’ data bank in the country’s capital market.

    It said the renewal arrangement aimed at updating operators information on capital market for official use by local and foreign investors, other regulatory agencies and the public.

    The commission added that the renewals would drastically reduce incidences of unethical practices by CMOs which may affect investors’ confidence and impact the capital market negatively.

    According to SEC, the exercise will strengthen supervision and monitoring of CMOs by the commission.

  • SEC intensifies crackdown on Ponzi schemes

    SEC intensifies crackdown on Ponzi schemes

    The Securities and Exchange Commission (SEC) says it will intensify efforts to eliminate Ponzi and pyramid schemes, thereby fostering an environment for genuine investment opportunities to thrive in 2025.

    Dr Emomotimi Agama, the Director General of SEC, said this in his New Year message to the capital market community on Sunday. He said that protecting investors remained a cornerstone of the commission’s mission.

    Agama also said that the commission would prioritise key initiatives aimed at deepening market integrity, enhancing investor confidence
    and driving economic growth.

    According to him, SEC is positioned with a dual mandate in regulating and developing the capital market in Nigeria.

    “Naturally, our top priority in 2025 will cut across the dual mandate. For us, mainstreaming the Nigerian Capital Market into the economy is very vital.

    “Enforcement is the backbone of effective regulation. We are revamping our investigative processes to enhance efficiency and hold bad actors accountable more decisively.

    “Insider trading undermines activities and dampens market fairness. By revising our regulatory framework, we aim to strengthen detection, prevention, and accountability mechanisms.

    “Transparency is at the heart of investors confidence and capital markets. We will introduce measures to ensure greater visibility and trust in securities transactions,” he said.

    The director-general added that to resolve market disputes efficiently and fairly, the commission was focusing on enhancing the operations of the Investments and Securities Tribunal (IST).

    He noted that these efforts aim to make the tribunal more effective in delivering timely resolutions, thereby improving overall efficiency in the process.

    Agama stated that key focus for the commission in 2025 is strengthening the legal framework of the commodities market to enable it attain its full potential of aiding economic development.

    He said the commodities market is a major area of interest for SEC, adding that Nigeria is purely an agrarian nation.

    The director-general said that taking that comparative advantage to the next level, is something that the commission is proud to be part of.

    Agama said this year, SEC would focus on reinforcing the legal and regulatory structures that support growth to create a solid foundation for the vibrant commodities ecosystem, be it soft or hard commodity.

    “More so, when we have a plethora of commodities all over Nigeria. SEC as a partner in development will make sure that we make the difference,” he said.

    Agama said that these initiatives reflect the commission’s vision for a stronger and more inclusive capital market in 2025, adding that SEC is committed to building wealth, instilling confidence and making  impacts.

    The SEC boss said: “As we embark on this journey, I invite all stakeholders to work with us in achieving these goals.

    “Together, we can unlock the potentials of the Nigerian capital market and make this a defining year for our economy.

    “What we intend to do, is to steer the capital market towards a direction that ensures that development gets to the doorstep of every Nigerian.”

  • SEC to roll out guidelines for fintech in 2025 – Agama

    SEC to roll out guidelines for fintech in 2025 – Agama

    The Securities and Exchange Commission (SEC) says it roll out regulations to guide the fintech space in the country in 2025.

    A notice by the Director-General of SEC, Dr Emomotimi Agama, in Abuja on Monday, said the commission was committed to ensuring transparency and integrity in the regulation of the space.

    Agama said that SEC had provided a level playing field to all applicants in the fintech space.

    According to him, we are trying to ensure that at the end of the day, as a country we will stand out in the regulation of this space.

    ”In the coming year, we will move faster in delivery and announcements having learnt from this process.

    ”A new law has been passed and is in the process of obtaining the Presidential assent.

    ”That law is replete with all of the ingredients legally required to properly regulate this space and give guidance to operators.

    ”All of these are efforts by SEC to be as friendly as possible, protect the interest of the ecosystem and the interest of investors.

    ”Beyond any doubt, this space is the future and for us as Nigerians and we have embraced it,” he said.

    Agama said the process of registration in the space was very technical, noting that registration was the hallmark of regulation.

    He said the process requires monitoring, education, surveillance which were  continuous.

    ”This journey is a new one that we have not gone through before.

    ”As we continue, we will find challenges which we need to solve because every challenge is solvable,” he said. (

  • $1trn economy: SEC lists factor constraining capital market’s potential

    $1trn economy: SEC lists factor constraining capital market’s potential

    Securities and Exchange Commission (SEC) has identified limited investor participation, regulatory hurdles and macroeconomic instability as key obstacles hindering the capital market’s contribution to the nation’s one trillion dollar economic goal.

    The Director-General of SEC, Dr Emomotimi Agama, said this at the 2024 SEC Journalists Academy held in Tuesday in Lagos.

    Agama, represented by SEC’s Lagos Zonal Director, Mr John Briggs, spoke on the theme: “The Role of the Capital Market in Driving Nigeria’s One Trillion Dollar Economy”.

    He said that these challenges must be addressed, to achieve the full potential of the capital market for the one trillion dollar economy.

    Agama, however, said the capital market, in spite of these challenges, had helped in developing the nation’s economy.

    He noted that the Federal Government had raised significant capital, by issuing six Sukuk to fund road projects across the six geo-political zones.

    The director-general emphasised the need for a vibrant capital market in achieving the federal government’s target.

    Agama noted that the journey demands collective effort from policymakers, ensuring an enabling environment and businesses leveraging market opportunities.

    According to him, more importantly, it involves journalists who communicate the market’s value to the broader public.

    “Achieving a one trillion dollar economy is not merely an aspirational goal; it is a necessity for the prosperity and resilience of Nigeria.

    “The capital market, as the financial backbone of our economy, is poised to drive this transformation,” he said.

    He added that a significant pathway to economic transformation lies in financing critical national projects, especially in infrastructure.

    The director-general stated that Nigeria had already demonstrated how the capital market could fund these needs through innovative instruments like sovereign bonds and a number of Sukuk.

    The SEC boss said this innovative funding approach reduced the reliance on external borrowing while driving job creation, improved logistics and regional integration.

    He added that the issuance of green bonds had further cemented the role of the capital market in supporting Nigeria’s transition to a low-carbon economy, addressing both infrastructure and environmental sustainability.

    He said that the listing of firms such as Dangote Cement and BUA Group underscores how the capital market supports industrial growth and job creation.

    Agama said: “The total market capitalisation of the Nigerian Exchange Limited stood at N60 trillion by December 13, a testament to the growing role of the private sector in driving national economic outcomes.

    “One of the most remarkable opportunities within the capital market is its ability to democratise wealth creation.

    “This is through vehicles like collective investment schemes, retail bonds, and exchange-traded funds; the market provides access to financial products for Nigerians across income levels.

    “Beyond government financing, the capital market is a vital enabler of private sector growth.”

    He added that companies in Nigeria had utilised the market to raise capital, expand operations, and compete globally.

    “A prime example is MTN Nigeria, whose public offering in 2021 attracted significant local investor participation, broadening its shareholder base while showcasing the strength of our market.

    “As we navigate the complexities of Nigeria’s economic landscape, the capital market emerges as a cornerstone in the pursuit of sustainable growth and development.

    “The capital market is the engine that drives economic progress by channeling resources from savers to those who need capital for productive use.

    “Globally, countries that have achieved economic milestones, whether in industrialisation, infrastructure, or innovation, have relied heavily on the capital market to mobilise and allocate resources efficiently.

    “However, through concerted efforts by stakeholders, including the Securities and Exchange Commission, market operators, and policymakers, we are laying the foundation for an inclusive, efficient, and globally competitive capital market,” Agama said.

    According to him, the rise of the retail bond market has enabled ordinary Nigerians to participate in the nation’s economic growth.

    The director-general said that the federal government introduced the Savings Bond in a bid to expand the retail investor base in the market and was well received by investors in recent times.

    He mentioned that the introduction of fintech platforms had further simplified access to investment opportunities, driving financial literacy and inclusion.

    Agama said numerous retail investors actively participate in the Nigerian capital market, emphasising the government’s commitment to growing the participation.

    He noted that the role of the capital market also extends to state governments, offering a sustainable avenue for financing projects.

    The DG added that sub-nationals like Lagos, and Ogun states, among others, had leveraged bond issuances to fund infrastructure, education, and healthcare projects.

    “These bonds not only enable states to execute developmental projects but also foster accountability and transparency, as market discipline demands robust reporting and monitoring mechanisms.

    “Expanding this model across more states could unlock development at unprecedented scales, especially when paired with public-private partnerships.

    “However, through concerted efforts by stakeholders, including the Securities and Exchange Commission, market operators, and policymakers, we are laying the foundation for an inclusive, efficient, and globally competitive capital market,”he said.

    Agama urged journalists, as custodians of public knowledge, to amplify the capital market’s impact by shaping narratives that would inspire trust and participation.