SEC to sanction illegal fund managers

By Chioma Obinagwam

Nigeria’s Securities and Exchange Commission (SEC) has vowed to get tough on illegal fund managers.

The Director-General (DG)of the SEC, Dr Emomotimi Agama, issued the warning in Abuja on Sunday amid preparation for the Commission’s World Investor Week (WIW).

Confiance News gathered that the Commission’s enforcement mechanisms would be fully deployed to fish out anyone perpetrating illegal activities within the investment climate of the country.

Agama noted that Section 13(a) of the Investments and Securities Act 2007, gave SEC power to regulate Investments and Securities business in the country.

He said: “What we are doing is strengthening our enforcement mechanism in collaboration with the Nigerian Police Force and the Federal Ministry of Justice. This serves as a notice to anyone not playing by the books to desist or face the law.

He assured investors and potential investors that the SEC was prepared to protect and educate them to build confidence in the market.

Agama said the forthcoming WIW was a global initiative of the International Organisation of Securities Commissions established to raise financial literacy among the general public.

He said the 2024 WIW would be held between October 7 and 14 with the theme Technology and digital Finance, Crypto Assets and sustainable Finance.

Explaining, he said, ”During the week-long event, we will be reaching out to everyone that is interested and needs to know some of the plans and strategies that the SEC has in place to attract more investors to the market.

“One of the major plans within the WIW is investor education. A lot of people are not aware of investment opportunities or investment windows, not because they do not want to invest, but because they just do not know.

“So the idea of the WIW is to bring to fore the opportunities that exist, rights of the investor and the dispute resolution mechanisms that are available in case they have those challenges.”

He said SEC would leverage social media and other traditional media channels to reach out to the populace in a bid to further educate and enlighten them.