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SEC requests additional information on offer documents



Investors’ protection forms core of SEC’s new leadership, says Yuguda

The Security and Exchange Commission (SEC) has introduced a new requirement for inclusion in all prospectuses or offer documents issued to the general public.

As the commission informed all stakeholders about the new development, it said is part of its efforts to ensure investor protection and promote transparency in the operations of the Nigerian capital market.

The circular read: “With effect from the 18th day of June 2020, all prospectuses issued to the general public are required to include the Commission’s Contact Telephone Number and Email Address, to enable investors confirm the clearance of the prospectus and registration of the securities with the Commission.

“Henceforth, the introductory part of the prospectus shall prominently display the following statement.

“Investors may confirm the clearance of the prospectus and registration of the securities with the Securities and Exchange Commission by contacting the Commission on or +234(0)94621100;+234(0) 94621168”

The highest regulator of capital market in the land sternly instructed issuers and financial advisers to note and comply with the directive accordingly.

“The investing public is encouraged to utilize the contact information provided in a prospectus to contact the Securities and Exchange Commission where they require information regarding the clearance of a prospectus or registration of securities,” SEC stated.

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