SEC warns that there is no escape for capital market fraudsters

l important bill, when assented to, is going to really up the standard that we have had. And clearly, we are excited that we believe that we will have that support, that very much needed support,” he added.

Furthermore, the Director-General mentioned that since the beginning of his tenure, he has been dedicated to bringing a different approach to issues within the capital market. Dr. Agama detailed that under his leadership, discussions on the revision of the legal framework and the dematerialization of securities have been at the forefront of the commission’s agenda.

“One of the very key things that we have worked on and which is central to what we are doing right now is the issue of reviewing the legal framework – the ISA, Company and Allied Matters Act (CAMA) – all of these laws are currently being reviewed because in the context of what we are doing today, we find that everything has become digital.

“As a matter of fact, dematerialization has also become a very key subject within our workstream. The dematerialization of securities remains a huge part of what we are doing,” he stated.

Furthermore, the Director-General highlighted the vital role that stakeholders play in the regulatory process of the capital market. He expressed gratitude for the collaboration among stakeholders and acknowledged their immense contribution in driving the growth and development of the Nigerian capital market.

“It’s important to state clearly that stakeholders in this market are those ones that make this market. So, I am speaking about the issuing community, the market operators, the investing public, and the regulators. It is very important that all of these work together.

“It is very important that we do not consider regulators as separate from the market operators. As much as the SEC would have to be very tough, very firm, very fair, and very supportive, indeed, the collaboration must be ensured among all the parties involved,” he explained.

In conclusion, Dr. Emomotimi Agama stressed the SEC’s commitment to working diligently to ensure a fair, transparent, and secure capital market for all investors. He further reiterated that the Commission will continue to implement measures that promote investor protection, enhance market development, and eliminate fraudulent activities in the Nigerian capital market.