By Chioma Obinagwam
The Director General (DG) of Nigeria’s Securities and Exchange Commission (SEC), Mr. Lamido Yuguda has frowned at the spate of incomplete Know You Customer (KYC) accounts of investors in the country, which is currently at 4.01 million.
SEC, which is also Nigeria’s capital market regulator told Confiance News in a statement on Sunday.
Yuguda, however, tasks Capital Market Operators (CMOs) to take seriously the directives issued by SEC on updating the KYC information of investors.
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“We have noted that the level of compliance has been low. Despite several engagements, we realized that as at April 8, 2021, there were still 4,012,311 (Four million, twelve thousand, three hundred and eleven) accounts with incomplete KYC information.
“This exercise is critical to deepening the participation of retail investors and we direct all CMOs to accord it the highest level of priority,” Yuguda emphasized.
Yuguda disclosed that a major highlight of the year 2021 is the reintroduction of periodic renewal of registration by Capital Market Operators.
He said the rationale for this is to ensure that operators in the market are fit and proper at all times and to strengthen the supervision and monitoring activities of the Commission.
Confiance News recalls that the Commission has released new rules on warehousing, collateral management, crowdfunding, fund management products and nominee companies to ensure proper regulation and development of our market.
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