The SEC takes a tough stance against illegal fund managers

The Securities and Exchange Commission (SEC) has issued a stern warning to individuals and organizations involved in illegal fund management activities, urging them to stop immediately or face significant legal repercussions.

In a statement released on Sunday in Abuja, SEC Director General Emomotimi Agama emphasized the Commission’s commitment to cracking down on illegal activities in Nigeria’s investment landscape. “Section 13(a) of the Investment and Securities Act of 2007 states that the SEC has the power to regulate Investment and Securities business in Nigeria. “So, according to the law, we have the authority to do so,” said Agama.

He further explained that the SEC is enhancing its enforcement mechanisms in collaboration with the Nigerian Police and the Federal Ministry of Justice. “This serves as a notice to anyone who is not messing around to stop or face the law,” he added.

Religion reaffirms the SEC’s dedication to protecting investors and fostering market confidence. He emphasized the importance of good corporate governance among public companies.

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Additionally, the SEC announced plans for World Investor Week 2024, scheduled for October 7-14, with the theme “Digital Technology and Finance, Crypto Assets, and Sustainable Finance.” This global initiative, spearheaded by the International Organization of Securities Commissions, aims to improve financial literacy.

“During this week-long event, we will reach out to everyone who is interested and needs to know some of the plans and strategies that the SEC has to attract more investors to the market,” said Agama. He highlighted the importance of investor education, and emphasized that many potential investors are unaware of the opportunities available.

“The idea of ​​World Investors Week is to highlight the opportunities that exist, the rights of investors and the dispute resolution mechanisms that are available if they face these challenges,” he explained. “This is also so that they understand the value of investment and prepare themselves for difficult times.”

Religion emphasizes the importance of understanding one’s investment risk appetite. “The point is that people have to know exactly what their tastes are. “Not everyone has a strong risk appetite,” he said. He urges investors to seek guidance from advisors when unsure about investment choices, and emphasizes that proper education can reduce future losses.

To further educate the public, the SEC plans to utilize social media and traditional media channels. “Apart from that, we are also including capital market studies into the university curriculum so that these students can be taught and nurtured from the cradle about the value of capital markets in wealth creation and economic development,” concluded Agama.

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