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The Securities and Exchange Commission (SEC) has issued a stern warning to entities involved in illegal fund management, urging them to cease such activities or face stringent legal consequences. This message was delivered by SEC Director General, Dr. Emomotimi Agama, during a briefing in Abuja as the Commission prepares to host the World Investor Week 2024, scheduled from October 7-14, under the theme “Technology and Digital Finance, Crypto Assets, and Sustainable Finance.”
World Investor Week, an initiative by the International Organisation of Securities Commissions (IOSCO), aims to enhance financial literacy among the public. The week-long event will feature various activities, including Bell Ringing Ceremonies, Panel Discussions, Investor Outreach Programs, and Investor Clinics at the SEC’s headquarters and its zonal offices nationwide.
Dr. Agama emphasized that SEC’s enforcement mechanisms are in full swing to identify and penalize those engaged in illegal investment activities in Nigeria. “Section 13(a) of the Investments and Securities Act 2007 grants SEC the authority to regulate investment and securities businesses in Nigeria. Our enforcement will be strengthened through partnerships with the Nigerian Police Force and the Federal Ministry of Justice. This is a clear message: anyone operating outside the law should cease immediately or face legal repercussions,” he warned.
The SEC DG reassured the public of the Commission’s commitment to safeguarding investors’ interests, fostering confidence in the market, and ensuring that public companies adhere to sound corporate governance practices.
Dr. Agama also highlighted that the objective of World Investor Week is to educate investors about the opportunities and risks within the Nigerian capital market, democratizing wealth and empowering individuals to make informed investment decisions. “Investors need to understand their risk tolerance,” he said. “Not everyone has a strong appetite for high-risk investments. There are opportunities available for both conservative and risk-seeking investors, and it’s essential to seek guidance from a financial advisor to avoid making uninformed decisions.”
To reach a wider audience, the SEC plans to utilize social media and traditional media platforms to disseminate critical investment information. Additionally, the Commission is working on launching a dedicated capital market radio station to provide grassroots-level awareness on investment opportunities.
Furthermore, Dr. Agama reiterated SEC’s plan to introduce capital market studies into the curriculum of tertiary institutions across Nigeria, aiming to instill knowledge about wealth creation and economic development through the capital market from an early stage.
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