In a renewed effort aimed at sanitising the Nigerian capital market, the Securities and Exchange Commission (SEC) has asked illegal fund managers and sundry perpetrators of indiscipline and malfeasance in the capital markets to seek for worthier endeavour.
The apex regulator of Nigeria’s capital market is of firm belief that illegal entities (Ponzi schemes) erode the integrity stock in the markets in addition to introducing hapless investor publics to the agony of loss of value, adding that the SEC frowns severely at their existence.
To help achieve this
objective of sanitising the market, the SEC also was not conservative in seeking the support of Nigerians to report the operators and individuals behind any Ponzi scheme (fraudulent fund managers) whose intents are usually to defraud those who patronise them.
Briefing financial journalists in Abuja at the third annual capital market committee (CMC) retreat, Arunma Oteh, director general, SEC, who noted the regulator’s recent enforcement of closure of illegal fund managers, advised the public to always consult the list of registered capital market operators and approved fund managers which are displayed on the SEC website.
SEC further noted that transparency, innovation and good corporate governance are the hallmarks of what the apex regulator is doing to instill discipline and grow the capital market for the nation’s development.
“There is no hiding place for Ponzi scheme operators,” Oteh said at the annual CMC retreat which was conceived as a platform to create awareness among Nigerians about the numerous benefits of capital market while also serving as a platform for the capital market community to take stock of the market’s progress during the year and brainstorm on ways to continue making progress towards achieving world class market.
“We are very pleased with the awareness among Nigerians of the critical role capital markets can play in actualising Nigeria’s economic potential by supplying the much needed medium-to-long capital for government’s infrastructure development and business expansion. However, capital markets do far more than provide access to capital. They are enablers of socio-economic development because they sustain macroeconomic stability, hasten the rate of capital formation, foster a meritocracy and promote good corporate governance, innovation and entrepreneurship”, Oteh said at the retreat with the theme ‘Actualising Nigeria’s economic potential through a world class capital market.”
