April 2, 2023



SEC laments proliferation of unlawful funding entities

The Securities and Change Fee (SEC) has acknowledged that the persevered proliferation of operators working unlawful funding schemes within the nation continues to be a significant important concern to the capital market.

Director Normal of the SEC Mr. Lamido Yuguda who acknowledged this in a New Yr Message in Abuja, subsequently assured of a renewed onslaught towards promoters of such schemes.

Yuguda stated that final yr alone, the Fee sealed off the workplaces of 4 such unlawful operators that had defrauded harmless residents of billions of naira and guaranteed that the Fee will proceed its enforcement actions to make sure that such unlawful entities are usually not allowed to function.

In line with him, “The SEC has been combating a severe battle towards Ponzi schemes, we now have been alerting individuals. Now we have stated that traders ought to solely take care of registered operators which have the registration of the Fee, we now have their record on the SEC web site and we now have all the time stated that for those who go to an operator or when an operator approaches you, you should verify that he’s a licensed operator with the SEC. 

The DG expressed confidence that because the outcomes of the assorted initiatives the Fee is implementing start to progressively manifest in 2023, the Fee and certainly the Capital Market will witness unusual growth in securities issuance companies particularly because it impacts digital belongings, commodities buying and selling ecosystem, custodianship of belongings, and Fintech amongst others. 

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