Capital Market

SEC Announces May 18 for Capital Market Committee Q1 Meeting

Published

1 year ago

Apr 17, 2024

CBEX: SEC, EFCC to prosecute influencers, celebrities promoting fraudulent investments The Securities and Exchange Commission (SEC) has warned that celebrities, influencers, and bloggers who promote unregistered investment schemes will face prosecution, as the commission moves to enforce provisions of the newly enacted Investments and Securities Act (ISA) 2025. In a statement released on Sunday in Abuja, SEC Director-General Emomotimi Agama said, “The law also covers influencers and bloggers who promote fraudulent schemes, with clear penalties, including imprisonment.” “We are using this opportunity to warn such individuals to immediately desist from promoting unregistered entities,” he added. Citing the recent collapse of CBEX, a digital investment platform accused of defrauding Nigerians of over N1.3 trillion, Agama said, “The collapse of CBEX underscores the urgency of our crackdown. We are shutting down their operations, and the promoters will face the full weight of the law.” He urged Nigerians to remain vigilant and always verify investment opportunities with the commission before committing funds. “If it sounds too good to be true, it probably is,” he warned. Agama reiterated the SEC’s commitment to protecting investors and enhancing market integrity. “We have dealt with similar schemes in the past and will continue to do so, leveraging the powers of the ISA 2025 to safeguard investors and develop the capital market,” he said. He also disclosed that the commission has taken proactive steps to prevent future occurrences. “The SEC has also established dedicated departments to monitor market activities and conduct inspections aimed at detecting irregularities early,” Agama said. “These proactive measures are designed to prevent large-scale frauds like CBEX from recurring.”

The Securities and Exchange Commission of Nigeria has announced the virtual Capital Market Committee meeting for the first quarter of 2024.

The meeting, which is scheduled for Thursday, April 18, will focus on addressing pressing challenges and brainstorming strategic ideas to advance the Nigerian capital market.

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SEC disclosed this to Journalists on Monday.

It emphasised that the meeting would focus on critical issues affecting the market and ensure that those concerns were thoroughly addressed.

It added that market players would be given updates on significant accomplishments by various technical committees, including the Commodities Ecosystem Implementation Committee, E-Dividend and Direct Cash Settlement, Financial Literacy, and the Non-interest Capital Market Financial Literacy Technical Committee.

The CMC is an industry-wide body comprising the SEC, capital market operators, trade groups, and other stakeholders.

It serves as a pivotal platform for dialogue, facilitates the exchange of ideas, addresses key issues impacting market growth and organisation, and collaborates on shaping the market’s future.