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Tag: SEC

  • SEC moves to improve forex earnings with new rules on warehousing

    SEC moves to improve forex earnings with new rules on warehousing

    The Securities and Exchange Commission (SEC) has released new rules covering warehousing and collateral management to ensure vibrant commodities trading.

    A statement by the commission issued to newsmen on Sunday in Abuja said that the move would translate into foreign exchange earnings for the country.

    According to SEC, every warehouse that stores commodities to be traded on a registered Exchange, shall apply to be registered by the commission.

    ”A warehouse applying for registration going by the rule, shall submit proof of ownership or registered-lease deed or rent agreement.

    ”They will also come along with disclaimer from the owner of the warehouse/property, providing waiver of ownership regarding commodities stored in such warehouse.

    ”In the case of leased or rented warehouse; present evidence of construction in compliance with the National Building Code and have facilities appropriate for storage of commodities.

    ”The rules also said that for a Collateral Management Company (CMC) to be registered by the commission, an application would be filed to SEC, accompanied by the relevant documents,” it said.

    The commission listed some of the document required to include two sets of completed SEC forms to be filed by the sponsored individuals and a copy of the Certificate of Incorporation, certified by the Corporate Affairs Commission, among others.

    The rule according to the statement, further required Fidelity Bond representing 20 per cent of paid-up capital, sworn undertaken to keep proper records and render returns and evidence of minimum paid-up capital of N50 million.

    ”The two principal officers of the CMC who shall be registered as sponsored officers, must have a minimum of a university degree or its equivalent with not less than 10 years relevant post-qualification experience,” SEC stated.

  • Cryptocurrency ban: SEC, CBN to provide level field for investments

    Cryptocurrency ban: SEC, CBN to provide level field for investments

    The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have agreed to collaborate and conduct research with a view to finding ways of regulating the Cryptocurrency market.

    They said this at a virtual lecture organised by the Association of Capital Market Academics of Nigeria (ACMAN) in Abuja on Sunday.

    Mr Timi Agama, Head of Department, Registration, Exchanges, Market Infrastructure and Innovation Department of SEC described cryptocurrency market as an air that could currently not be caged or regulated.

    He noted that cryptocurrency was a market of about two trillion dollars which could not be ignored.

    According to him, the world cannot be moving forward and we will be static.

    Agama said that although SEC or the capital market would not accommodate or encourage any fraudulent practices that allowed for money laundering, crypticurrency was a market to look into.

    “There is a lot of investment move into the cryptocurrency market and the tendency is that it will reduce the amount of investments in the stock market.

    “Part of the desire of the SEC even in the future is to provide a regulatory framework that will take care of all these challenges that we have seen internationally and the entire world is grappling with in terms of cryptocurrency and digital assets.

    “For us at SEC and capital market, it is something to look at, the world cannot be moving forward and we will be static, no.

    “It is important for us to review, understand, appreciate and introduce regulations that will guide the movement of the market in this direction.

    “A market that has opportunity for ICOs, derivatives, is not a market we can ignore.

    “ It is our desire that we do more work, collaborate as regulators and analyse to make sure that we provide a level playing field where Nigerians, international investors and whoever is interested in this space will be comfortable and happy.

    “I hope that in doing that, we are going to be able to drive foreign portfolio investment, Foreign Direct Investment (FDI) into this country and build our capital market,’’ he said.

    Dr Kevin Amugo, Director, Financial Policy and Regulation Department of the CBN, said the ban was to enable it work together with stakeholders in addressing the anonymity of the technology.

    Amugo said the CBN would continue to develop policies that would optimise the opportunities of the financial technology industry and promote economic landscape of the country.

    He said that consumer protection was a huge challenge in the cryptocurrency market as it was speculative and no economic fundamentals drove its price.

    “The committee on cryptocurrency headed by the National Security Adviser and members are EFCC, NFIU, SEC, NAICOM and all regulators to strategize and come up with a national position not a monetary policy position.

    “We have issued our initial draft but COVID-19 impeded our efforts to conclude our actions.

    “Because of interests crypto has regenerated, I think it is high time we reconvened and ensure that we take a national position, so that what is issued is a national position not a CBN’s or SEC’s position.

    “We are not stifling fin-tech operations, CBN has been proactive in granting licenses to fin-tech operators.

    “The way forward for us will be continuous engagement, ongoing consultations and academic research.

    “We are engaging internationally and locally to ensure that we come out with a harmonised and implementable position,’’ he said.

    Mr Gbite Oduneye, Chief Executive Officer of the Eagle Global Market (EGM) Lagos, appealed to the CBN and SEC to look at ways to safeguard against money laundering in the market.

    Oduneye appealed to regulators to find ways to regulate the cryptocurrency market as there were prospects in it.

    “We understand the difficulties in the market but the regulators must organise and look for ways, organise and make people operate the way they want in the market.

    “Every new innovation will come with a number of difficulties but we have the innovative minds, great regulators that can enable us to take advantage in this,’’ he explained.

    ACMAN is a network of researchers in capital markets especially lecturers in the country’s universities.

  • Cryptocurrencies: SEC to suspend admittance of persons affected by CBN directives

    Cryptocurrencies: SEC to suspend admittance of persons affected by CBN directives

    The Securities and Exchange Commission (SEC) says it will put on hold, admittance into its Regulatory Incubation Framework for Fintech firms, all persons affected by the Central Bank of Nigeria (CBN) cryptocurrencies circular.

    The commission made the disclosure in a statement it issued in Lagos on Thursday.

    It said that assessment of all persons and products affected by the CBN Circular of February 5 would be on hold until such persons would be able to operate bank accounts within the Nigerian banking system.

    “For the purpose of admittance into the SEC Regulatory Incubation Framework, assessment of all persons (and products) affected by the CBN Circular of Feb. 5, is hereby put on hold until such persons are able to operate bank accounts within the Nigerian banking system,” it said.

    The commission, however, said that the planned implementation of the SEC Regulatory Incubation Guidelines for FinTech firms intending to introduce innovative models for offering capital market products and services would continue.

    The commission assured the investing public that it would continue to monitor developments in the digital asset space to promote economic development.

    “The commission will continue to monitor developments in the digital asset space and further engage all critical stakeholders with a view to creating a regulatory structure that enhances economic development while promoting a safe, innovative and transparent capital.

    “SEC has received several comments and inquiries from the public on a perceived policy conflict between the SEC Statement on Digital Assets and their Classification and Treatment of Sept. 11, 2020, and the CBN circular of Feb. 5.

    “We see no such contradictions or inconsistencies.

    “In recognition of the fact that digital assets may have the full characteristics of investments as defined in the Investments and Securities Act, 2007, the SEC Statement asserts that trading in such assets falls under SEC’s regulatory purview, except proven otherwise,” it said.

    The commission said that the primary objective of the statement was not to hinder or stifle innovation, but to establish standards of ethical practices that would ultimately make for a fair and efficient securities market.

    “The SEC made its statement at the time to provide regulatory certainty within the digital asset space due to the growing volume of reported flows.

    “Subsequently, in its capacity as the regulator of the banking system, the CBN identified certain risks, which if allowed to persist, will threaten investor protection, a key mandate of the SEC, as well as financial system stability, a key mandate of the CBN,” it added.

    SEC said that it had engaged the CBN and would continue to work with it to understand the identified risks.

    “In light of these facts, we have engaged with the CBN and agreed to work together to further analyse and better understand the identified risks to ensure that appropriate and adequate mitigants are put in place, should such securities be allowed in the future,” it said.

  • JUST IN: SEC moves to withdraw operational certificates of 157 capital market firms [Full List]

    JUST IN: SEC moves to withdraw operational certificates of 157 capital market firms [Full List]

    The Securities and Exchange Commission (SEC) has commenced process that may lead to cancellation and withdrawal of certificates of not less than 157 inactive capital market firms.

    In a circular dated November 10, 2020 and titled “Pre-Notice on Cancellation/Withdrawal of Certificates of Registration of Inactive Capital Market Operators,” SEC stated the 157 capital market operators, which were registered for various functions in the capital market, have consistently failed to meet extant regulation.

    According to the Commission, the operators have consistently failed to render their statutory returns to the Commission, had their capital eroded while others were affected by policy changes.

    “In view of this fact, the Commission hereby requests the affected capital market operators (CMOs) to make presentations to the Commission, on or before 13th November, 2020, giving reasons why their registration should not be cancelled,” the circular stated.

    The affected firms included 2AS Amao Consult, Adamawa Securities Limited, AIMS Asset Management Limited, AIQ Venture Capital Fund Managers Limited, Allbond Investment Limited, Amalgamated Capital Funds Ltd, Arnold Portfolio Co, Associated Investment Trust Co. Limited, Bayhead Alpha Capital Ltd, Bendu Peter Ser. Nig. Ltd, Bluebird Capital Limited, Boston Capital investments limited, Brickfield Road Associates Ltd, Bytofel Trust & Securities Ltd, Cadington Securities Ltd, Capital Partners Limited, Capital Structures Ltd, CDL Asset Management Ltd, Circular Trust Ltd, Citi Asset Management Limited, Citizens Inv. & Sec. Ltd, City Investment Management Ltd, Consolidated Discount Ltd, Consolidated Inv. Limited, Consult & Capital Limited, Cornerstone Asset Management Ltd, Corporate Diamond Securities and investments Limited, Custodian & Allied Insurance Plc, Cutix, Dakal Services Limited, Dambale (Nigeria) Limited and De-Canon Investment Ltd.

    Others are: Development Business Co. Limited, Dolbic Finance Limited, Dynamic Trust & Securities Ltd, Eazytrade Concept Ltd, Elyon’s Asset Management Ltd, Emerging Capital Ltd, EMI Capital Resources Ltd, Enterprise Bank Plc, Enterprise Capital Management Ltd, Equibond Securities Limited, Equinox Asset Management Limited, Equitorial Trust Bank Plc, ET&F Investment Ltd, Express Discount Limited, FB Asset Management Limited, Femi Ajijala & Co, First Alstate Securities Ltd, First Marina Trust Limited, Fittco Seurities Limited, Floodgate Finance & Sec. Limited, G. Akomas & Partners, Global Capital Market Ltd, Global Inv. & Sec. Ltd, GMT Securities Ltd, Gombe Securities Ltd, Habitat Trust Ltd, Hazonwao Assets Management Ltd, Heap Investment Ltd, Honey Comb Asset Management Ltd, Horizon Stockbrokers Ltd, Imperial Finance & Sec. Ltd, Indemnity Finance Limited and Integrated Capital Services Ltd among others.

    Others included International Standard Sec. Ltd, Investment Monitors Ltd, Investment Shark & Asset Management Ltd, IT IS Securities Limited, Jubilee Global Fund Plc, Kedari Securities Limited, Kendall Securities Limited, Kingsway Securities Limited, Koltron Ltd, Lakesworth Inv. & Sec. Ltd, LASACO Assurance Plc, Leadway Assurance Co. Ltd, Lion Stockbrokers Limited, LMB Stockbrokers Limited, Lombard Asset Management Limited, Lynac Securities Limited, Mact Securities Ltd, Malachai Funds & Assets Management Ltd, Maninvest Asset Management Plc, Maven Asset Management Ltd, Mega Asset Managers Ltd. Mercov Securities Limited, Metropolitan Trust Nigeria Ltd, MICC Consult-Mashasha Inv. & Commerce Co. Limited, Monument Sec. & Fin. Ltd, NCDF Investment Limited, N-cheque Securities Ltd, NIC Securities & Trust Ltd, formerly known as NIC Trustees Ltd; Niche Securities Limited, NICON Trustees Ltd, NMA Investment & Securities Ltd, Noble Financial Trust Ltd, Nouveau Delice International Ltd, Novare Investments Ltd, Ocean Securities and Stock Brokers Ltd, Oceanic Trustees Ltd, Omas Inv. & Trust Limited, Omnisource International Ltd, Osunbade, Okiti & Co, Pan Securities Limited, Peach & Prime Ltd, Peak Securities Limited, Peninsula Assets Management & Investment Co. Ltd, Petroleum Inv. Mgt. Limited, Pharez Limited, PHB Asset Management Ltd, Platinum Capital Limited and Professional Stockbrokers Ltd.

    Also included are Profund Securities Limited, Prudential Securities Ltd, Prudential Trust Co. Ltd, Real Laam Enterprises, Regency Financings Limited, Resano Securities Limited, Seasons Trust & Investment Ltd, Seclink Nigeria Limited, Securities Solutions Limited, Securities Trading & Invest. Ltd, Sekat Company, Skylimit Investment Ltd, Slamad Securities Ltd, Stacoprime Capital Ltd, Stan Consultants Nigeria, Standard Alliance Insurance Plc, Stanwal Securities Limited, Stock Investment Sec. Ltd, Strategy & Arbitrage Limited, Stronghold Inv. Limited, Summa Guaranty & Trust Co. Plc, Summit Finance Co. Ltd, Supra Commercial Trust Ltd, Synergy Inv. & Sec. Limited, T. A. Oke, Taricol Investment Ltd, TDA Capital Management Ltd, Treasureline Interlink Ltd, Truevine Global Asset Management Limited, UAC Registrars Ltd, Unic Insurance Plc, Unicapital Plc, Union Homes Savings & Loans Plc, Unique Venture Capital Management Co. Ltd, UTB Trustees Limited, Ventures & Trust Limited, Vileo Capital & Asset Management Ltd, Visa Investments & Sec. Ltd, Vono Product Plc, Wema Asset Management Ltd, Wema Securities & Finance Plc, Wizetrade Capital Asset & Management Ltd, WT Securities Ltd and Zuma Securities Limited.

  • CBN, SEC approves GTBank holdco structure

    CBN, SEC approves GTBank holdco structure

    Guaranty Trust Bank Plc has obtained the approval-in-principle of the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) to commence the formal process of the reorganisation of the bank to a financial holding company (HoldCo).

    The scheme will be implemented by means of a scheme of arrangement between the bank and its shareholders pursuant to the Companies and Allied Matters Act.

    The bank has also obtained the “No-objection” of the Securities & Exchange Commission [the SEC) in connection with the proposed scheme.

    Overview of the restructuring showed that its issued shares will be exchanged on a one-for-one basis for the shares in a financial holding company. The bank’s existing Global Depositary Receipts (GDRs) are also proposed to be exchanged on a one-for-one basis for new GDRs to be issued by the financial holding company.

    The Board of Directors of GTBank made the decision to embark on the restructuring following a comprehensive strategic evaluation of the operating and competitive environment of the Nigerian banking sector in the near term. The board expects that the financial holding company will have greater strategic flexibility to adapt to future business opportunities as well as market and regulatory changes than is currently the case.

    Subject to the approval of the scheme by the bank’s shareholders, the relevant regulatory authorities and the Federal High Court of Nigeria, the holding company will have an organisational structure similar to that used by a significant number of major financial institutions globally.

    The financial holding company will be regulated by the CBN as an Other Financial Institution and listed on the Official List of the Nigerian Stock Exchange and the London Stock Exchange (the LSE}. Concurrently, the bank will be delisted from the Official List of The NSE and the LSE, and re­registered as a private limited liability company under the relevant provisions of Nigeria ‘s corporate legislation.

    GTBank will continue to be subject to the full suite of CBN banking regulations.

  • Nigeria’s unclaimed dividends hit N158.44bn in 2019

    Nigeria’s unclaimed dividends hit N158.44bn in 2019

    The total unclaimed dividend figure in the Nigerian capital market stood at N158.44 billion as of December 2019, the News Agency of Nigeria (NAN) reports.

    Data obtained exclusively by NAN from the Securities and Exchange Commission (SEC) show that the figure is still on the increase in spite of e-dividend registration introduced by SEC in 2015.

    NAN reports that dividend is the distribution of a portion of the company’s earnings, decided and managed by the company’s board of directors, and paid to a class of its shareholders.

    Unclaimed dividend is recorded when a shareholder fails to claim an already paid dividend after six months.

    NAN reports that breakdown of the components shows that unclaimed dividends with companies (15 months and above) stood at N119.01 billion.

    The ones with registrars amounted to N14.64 billion and unclaimed dividend less than 15 months old stood at N24.77 billion.

    Speaking with NAN on reasons for increase on unclaimed dividend, Mr Okey Umeano, SEC Head, Office of the Chief Economist, attributed it to large number of unclaimed shares.

    Umeano said the quantum of unclaimed dividend would always be on the increase as long as there were unclaimed shares.

    “The main issue why unclaimed dividend is rising is because we have a large number of unclaimed shares,” he said.

    According to him, many investors during the banking consolidation bought shares with different names as well as other people’s names which they were yet to rectify.

    Umeano explained that as companies declare dividend, those accounts would equally be paid, leading to increase in unclaimed dividend figure.

    He said that the commission introduced a forbearance window for multiple accounts to enable investors that bought shares with different names to regularise their accounts in order to reduce the quantum of unclaimed dividends.

    “SEC gave a window for people to come and rectify the multiple subscription thing.

    “Many people have still not been able to claim their own because some of them have forgotten the names they used.

    “Some have not been able to prove to their stockbrokers that they are the owners of the shares.

    “So, we still have a large chunk of those shares, and anytime dividends are paid, those shares are not claimed and those people don’t get their dividends,” Umeano said.

    He said that over N100 billion out of the unclaimed dividend figures were from those unclaimed shares.

    “Until we bring down that number of unclaimed shares, this unclaimed dividend problem will continue,” Umeano said.

    On the way forward, he said the commission would continue to put pressure on all the people involved in order to curb the problem of unclaimed dividends.

    Umeano called on investors to go and prove ownership of their shares, noting that SEC was not prosecuting anybody.

    “SEC has given them amnesty to go and claim their shares and as people are claiming those shares, unclaimed dividends number will go down,” he said.

    Mr Adebayo Adeleke, an investor and Managing Director, Lancelot Ventures Limited, said more efforts were on to ensure that source documents for share transactions contain bank details of investors.

    Adeleke said the hike in unclaimed dividends might be due to the recent listings of highly capitalised stocks such as MTNN, Airtel Africa , BUA Cement, among others, which may have pushed the figures upward.

    He said companies should be encouraged to publish the list of unclaimed dividends in national dailies, especially those years that were close to being statute barred.

    Adeleke stressed the need for more enlightenment for shareholders to embrace e-dividend payment platform.

  • SEC denies resignation of acting DG

    SEC denies resignation of acting DG

    The Securities and Exchange Commission (SEC) on Sunday denied news making round that Ms Mary Uduk, its Acting Director-General has resigned from the commission.

    Mrs Efe Ebelo, Head, Corporate Communication, Securities and Exchange Commission, stated this in a statement in Lagos.

    Ebelo described the purported resignation of Uduk from the commission and a send forth party slated for June 15, as false.

    “Our attention has been drawn to a publication in the media on June 14, 2020, wherein the Acting Director General, Ms Mary Uduk is purported to have resigned from the Commission and a send forth party slated for Monday June 15.

    “The Commission therefore wishes to inform the general public that the Acting Director General of the SEC has not resigned her appointment with the Commission, neither has she handed over to anyone.

    “Uduk like every other staff of the Commission is awaiting the arrival of the new DG, Mr Lamido Yuguda who was cleared by the senate last week,” Ebelo said.

    She noted that no send forth party was being planned for Uduk as reported by the national paper.

    “Stakeholders in the capital market and the general public are therefore advised to disregard the contents of the aforementioned publication as they are false,” Ebelo added.

    The Senate on June 10, confirmed the nomination of Yuguda as the new Director General of SEC.

    Also confirmed alongside Yuguda were three Executive Commissioners nominees namely; Mr Reginald Karawusa, Mr Ibrahim Boyi and Mr Temidayo Obisan.

    Their confirmation followed the submission of the report of the Committee on Capital Markets which was presented before the Senate by the Chairman, Senator Ibikunle Amosun.

    Their confirmation was announced by Senate President, Mr Ahmad Lawal after an affirmation by the Committee of the whole House in Abuja.

  • BREAKING: Senate confirms Buhari’s nominees for RMAFC, SEC

    BREAKING: Senate confirms Buhari’s nominees for RMAFC, SEC

    The Senate on Wednesday approved six out of the seven nominees by President Muhammadu Buhari for appointment as Commissioners for Revenue Mobilization, Allocation and Fiscal Commission (RMAFC).

    The Senate’s approval of the nominees followed the presentation of a report by its Chairman, Committee on National Planning and Economic Affairs Sen. Adetunmbi Olubunmi (APC Ekiti North).

    The report was also for the consideration at the Committee of the Whole.

    The approved nominees are: Salamatu Bala, representing Adamawa, Alfred Egba (Bayelsa) and Alhaji Adamu Dibal (Borno).

    Others are Oladele Gboyega (Osun), Bello Wammakko (Sokoto) and Ahmed Yusuf (Taraba).

    The Senate, however stood down the confirmation of Mr Emmannuel Nwosu, representing Imo, following a security report against the nominee, by the Department of State Security Services (DSS).

    Senate also at plenary, approved President Muhammadu Buhari’s nomination of Mr Lamidi A. Yuguda, as Director-General of the Securities and Exchange Commission (SEC).

    Other nominees confirmed to serve as full time Commissioners for SEC are :Mr Reginald C. Karawusa representing Imo, Mr Ibrahim Boyi representing Katsina and Mr Obisan Joseph, representing Lagos.

    Their confirmation was also sequel to the presentation of a report from the Committee on Capital Market by the Chairman, Sen. Ibikunle Amosun (APC-Ogun ) and consideration of same at the Committee of the Whole.

    Senate at plenary also considered for first reading five bills.

    The bills are : 1999 Constitution of the Federal Republic of Nigeria (Alteration) Bill, 2020 by Sen. Ovie Omo -Agege (APC Delta Central) and Criminal Code Act CAP P30 LFN 2004 (Amendment) Bill 2020 by Sen.Uche Ekwunife (PDP-Anambra).

    Others are, Federal Audit Service Commission Bill, 2020 by Sen. Mathew Urhoghide (PDP-Edo), among others.

  • BREAKING: Senate receives Buhari’s request to confirm new SEC DG, others

    BREAKING: Senate receives Buhari’s request to confirm new SEC DG, others

    The Senate has received a request from President Muhammadu Buhari for the confirmation of Mr. Lamido Yuguda as the new Director-General of the Securities and Exchange Commission (SEC).

    Also to be screened and confirmed are three nominees as full-time Commissioners of the Commission.

    The President’s request was contained in a letter read by the Senate President, Senator Ahmad Lawan, during plenary on Tuesday.

    The letter reads: “Pursuant to Section 3 and 5(1) of the Investment and Securities Act 2007, I write to request for confirmation by the Senate, the appointment of the following four nominees as Director General and Commissioners of the Securities and Exchange Commission (SEC). Their CVs are attached herewith.

    Others for confirmation are: Mr. Lamido A. Yuguda, Director General; Reginald C. karausa, full-time Commissioner; Ibrahim D. Boyi, full-time Commissioner; and Mr. Obi Joseph, full-time Commissioner.

  • SEC launches tougher sanctions against Ponzi Scheme Promoters in Nigeria

    SEC launches tougher sanctions against Ponzi Scheme Promoters in Nigeria

    The Securities and Exchange Commission (SEC) has stepped up its regulatory oversight to ensure that promoters of Ponzi schemes in Nigeria face the full wrath of the law and their entities quickly sealed off.

    Acting Director General of the commission, Ms Mary Uduk, disclosed in an interview in Abuja at the weekend that her agency will also continue to work to protect investors in the nation’s capital market.

    She said Ponzi scheme is prohibited by the provisions of Section 38(1) of the Investments and Securities Act (ISA) 2007, stressing that the commission frowns at people not registered by SEC collecting money from members of the public.

    “Ponzi schemes are illegal and that is why we keep warning the public about the dangers of these outfits. Even on our website we have videos enlightening the public on the dangers of Ponzi schemes.

    “Once we have information of anyone engaging in illegal fund management business, our enforcement department working with our police unit, shuts them down and the promoters are handed over to the relevant law enforcement agencies for further actions,” she said.

    According to Ms Uduk, the capital market has been properly positioned to attract Nigerians and other investors and provide benefits to those who invest therein.

    She stated that SEC has sustained its investor education programme to assist people understand whatever issues they have around the capital market.

    “But besides that, there are new products coming up every day in the Nigerian capital market. We have a lot of ethical funds, one of the safest areas to invest in is in Mutual Funds, Collective Investments Schemes and we encourage Nigerians to be part of these and others,” the capital market expert stated.

    Ms Uduk said further that the SEC was presently undertaking various initiatives to make the capital market more user-friendly such that people can participate in it with greater ease, comfort and convenience.

    She added: “There is the added and all-important purpose of ensuring that the gains of your participation, be these dividends, proceeds from share sales/transfers, etc. accrue to you seamlessly, without sweat and in the shortest time possible.

    “The purpose is also to ensure that investors do not fall victims to the antics of fraudsters who purport to be able to double any amount of money you make available to them as investment value.”

    She said that is why the SEC and the entire capital market community have intensified efforts at investment education.

    “People need to know that it’s easy to open a money market account, a mutual fund account, get stocks and things like that. We want the market to be easier, more accessible and we also want to have more products.

    “We want a deeper market and we believe that with these combinations, we will reduce the number of Ponzi schemes coming up and reduce the number of investors putting their money into Ponzi schemes,” she said.

    Recall that last week, the commission released a list of 12 unlawful/unlicensed investment schemes which are: Loom Nigeria Money, Box Value Trading Company Ltd, Now-Now Alert, Flip Cash Investment, Result Investment Nigeria Limited, Helping Hand and Investment and No Failure Development and Empowerment Nig. Ltd.

    Others are MBA Forex and Investment Ltd, Federate Investors Trading Company, Jamalife Helpers Global Ltd, Flexus Global Solutions and Investment Ltd, United Capital Investment Company Limited.

    SEC informed members of the public that by virtue of the provisions of Section 38(1) of the Investments and Securities Act (ISA) 2007, only persons registered with the commission can engage in capital market activities, thus making the actions of these entities listed above unlawful.

    “Consequently, the general public is hereby advised to refrain from investing in any scheme of the entities listed above, and WARNS that any person who invests in an unlicensed/unlawful scheme does so at his own peril,” the agency warned.

    The Acting DG said the listed outfits are not registered to carry out fund management functions of any sort, stressing that those who stubbornly patronize them would end up burning their fingers.

    She, therefore, advised the general public to distance themselves from such schemes, adding, “Please note that anyone that subscribes to these illegal activities does so at their own risk.”