SEC, IST Move to Check Market Abuses

security and exchange commission
  • SEC, IST Move to Check Market Abuses

The Nigerian capital market apex regulator, Securities and Exchange Commission, says it remains committed to the partnership with the Investments and Securities Tribunal and other relevant bodies in its quest to ensure zero tolerance on infractions in the country’s capital market.

The SEC, in a statement on Tuesday, said it was also committed to ensuring that perpetrators of fraudulent acts were brought to book.

The Acting Director-General, SEC, Dr. Abdul Zubair, stated this when the chairman and members of the IST visited him in his office in Abuja.

Zubair said the present management of the SEC had zero tolerance to infractions adding that anyone that flouted the rules would be made to face the consequences of such actions.

He told the IST team that the SEC had been embarking on a number of initiatives to protect the investors in the market and ensure that they reap the benefits of their investments.

The SEC boss said, “SEC has rolled out a number of initiatives and campaigns which have been yielding results. These initiatives are to ensure that investors are aware of what to do to protect their investments.

“The e-dividend is one of such campaigns and we enjoin investors to key-in so that they can reap the benefits of their investments.”

Earlier, the Chairman, IST, Isaiah Idoko-Akor, congratulated the acting DG on his assumption of office and expressed the confidence of the tribunal in his ability to move the market forward.

He commended SEC for all it had been doing to support the Tribunal in the discharge of its duties and craved for more support to avoid hitches in the Tribunal carrying out its assignments.

He said, “The IST is serving the market, it is very important to the market and that is why we commend SEC for its support to the IST.

“However, the IST needs to be strengthened to be able to carry out its functions effectively. As the market is expanding, we also need funds to expand our operations to be able to serve better.”

Akor, while commending SEC on the various initiatives it had rolled out, called for increased enlightenment and sensitisation of the investing public especially as it relates to seeking redress on issues relating to the capital market.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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