No hiding place for violators in capital market, SEC warns

Securities and Exchange Commission (SEC) says there is no hiding place for violators in the country’s capital market. The director-general of SEC, Emomotimi Agama, gave the warning in a notice to operators on Sunday. Mr Agama said in the notice that market operators engaging in unscrupulous activities would not be allowed to go unpunished. He described investors’ protection as a fundamental principle for the commission, noting that the Investments and Securities Act (ISA) 2007 clearly outlined the objectives of securities regulation.
Mr Agama said the ethics of regulating or registering a securities market operator is in the principle of the fit and proper person’s test. ”A fit and proper person’s test means that you satisfy all of the requirements that have been laid down in the ISA 2007 and in other regulations that the SEC has brought out to make sure that this happens. So, clearly, for us, it is getting people to understand that there is no hiding place anymore for anybody that has an intention to defraud Nigerians and to defraud anybody that is investing in this market,” Mr Agama stated. He said the recent revocation of licences and suspension of operators not registered with SEC “is only a tip of the iceberg as to what we intend to do this year.”
”We believe strongly that a protected investor is a powerful investor, and we will do everything within the powers of the SEC and the Nigerian law to make sure that we deter unscrupulous persons who are involved in trying to defraud Nigerian investors,” Mr Agama said. The director-general said the SEC was committed to ensuring that all market participants understood the commission’s responsibilities. He said compliance and information disclosure were important to the capital market operation, describing them as the fundamental objectives of securities regulation.
Mr Agama urged existing and prospective market participants to work closely with the commission to foster market development. NAN