The Securities and Exchange Commission (SEC) of Nigeria has issued a stern warning to entities involved in illegal fund management activities, demanding they cease operations immediately or face stringent legal consequences.
This announcement was made by SEC Director-General Dr. Emomotimi Agama in Abuja just ahead of the World Investor Week (WIW).
Dr. Agama emphasized that the Commission is fully prepared to deploy its enforcement mechanisms to identify and penalize those engaged in unlawful investment activities.
"What we are doing is strengthening our enforcement mechanism in collaboration with the Nigerian Police Force and the Federal Ministry of Justice," he stated. He further cited Section 13(a) of the Investments and Securities Act 2007, which empowers the SEC to regulate investments and securities business in the country.
"This serves as a notice to anyone not playing by the books to desist or face the law," Agama warned. He reassured investors and potential investors that the SEC is committed to protecting and educating them to build confidence in the market.
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