SEC assures Foreign Investors on Transparent Market
Posted: 26/Jun/2018

The Securities and Exchange Commission (SEC) Nigeria, has assured foreign investors of the safety of their investments in the Nigerian capital market.

A statement from SEC said the Ag. Director General, Ms Mary Uduk, made the commitment when representatives of JP Morgan and Stanbic IBTC visited the commission in Abuja at the weekend.
 
She said all necessary controls are in place to ensure that the market is dynamic, free, fair and transparent for participants.

She said the implementation of the Capital Market Master Plan has led to significant changes in the market. Some of the implemented initiatives are dematerialization of share certificates; recapitalization of capital market operators; establishment of the National Investors Protection Fund and inauguration of its board; and the launch of the Corporate Governance Scorecard.

The Ag. DG disclosed that the commission has put in place robust investor protection machinery with severe sanctions on infractions of securities laws.

“SEC champions zero tolerance on infractions and we have a range of sanctions depending on the level of infraction and how egregious the breach is, ranging from warnings, fines, suspensions, withdrawal of registrations and jail terms.

“The idea is to improve transparency in the market and ensure that investors are safe,” she stated.

On surveillance, Uduk said the commission has surveillance mechanisms in place to detect possible suspicious trading/market manipulation activities.

The representative of JP Morgan, Nick Long, expressed satisfaction with the performance of the Nigerian capital market, adding that was one of the reasons it has continued to attract international investors.

By Chris Agabi
Daily Trust News

Category: Markets
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