SEC Talks Tough, Warns Fund Managers To Desist From Illegal Activities 

The Securities and Exchange Commission (SEC) has read the riot act to individuals and organisations to desist from illegal fund management activities or face severe legal consequences.

The director-general of SEC, Emomotimi Agama issued the warning on Sunday in Abuja.

According to a statement issued by the Commission, Agama disclosed that the commission’s enforcement mechanisms will be fully deployed to crack down on those perpetrating illegal activities within the investment climate in Nigeria.

“Section 13(a) of the Investments and Securities Act 2007 states that the SEC has the power to regulate Investments and Securities business in Nigeria. So, within the law, we have the power to do so,” Agama said. 

“What we are doing is strengthening our enforcement mechanism in collaboration with the Nigeria 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.”

Agama also assured that the SEC is prepared to protect investors and educate them, thereby boosting their confidence in the market.

He said the commission will also superintend over public companies to ensure that good corporate governance is imbibed in their administration. 

Agama added that there are plans to establish a radio station that will disseminate information on the capital market and investment opportunities available to Nigerians at the grassroots.