SEC Warns Against Illegal Fund Management, Plans Capital Market Radio to Boost Grassroots Awareness
The Securities and Exchange Commission (SEC) has issued a strong warning to individuals and organizations engaged in illegal fund management activities, urging them to cease such actions immediately or face severe legal repercussions.
In a statement released on Sunday in Abuja, the Director General of SEC, Emomotimi Agama, highlighted the Commission’s ongoing efforts to combat illegal activities in Nigeria’s investment landscape. He noted that SEC will utilize its full enforcement capacity, working alongside the Nigerian Police Force and the Federal Ministry of Justice, to identify and prosecute violators.
Agama emphasized, “Section 13(a) of the Investments and Securities Act 2007 empowers SEC to regulate investments and securities businesses in Nigeria. We will continue to strengthen our enforcement mechanisms to ensure that those engaging in illegal activities are held accountable.”
In addition to regulatory measures, the SEC plans to establish a capital market radio station aimed at disseminating information about investment opportunities to grassroots Nigerians. This initiative is part of a broader strategy to increase financial literacy and democratize access to investment knowledge.
The Director General also shared details of the upcoming World Investor Week 2024, set to take place from October 7-14. This global event, themed “Technology and Digital Finance, Crypto Assets, and Sustainable Finance,” is designed to enhance public understanding of the capital market and highlight available investment opportunities. Activities will include investor outreach, panel discussions, and clinics at SEC offices nationwide.
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Agama stressed the importance of investor education, saying, “Many people are unaware of the numerous investment opportunities, not because they are disinterested, but because they lack the knowledge. World Investor Week will bring these opportunities to the forefront and educate investors about their rights and dispute resolution mechanisms.”
He also underscored the need for investors to understand their risk appetite, whether they prefer low-risk or high-risk investments. “It’s critical for people to know their risk tolerance. There are suitable investments for both those with a strong appetite for risk and those who prefer safer options.”
As part of its educational efforts, SEC plans to integrate capital market studies into the curriculum of tertiary institutions, ensuring that young Nigerians are equipped with the knowledge needed for wealth creation and economic growth from an early age.
In closing, Agama affirmed that the SEC will continue leveraging social media and traditional platforms to raise awareness and educate the public on responsible investing.
“An investment in knowledge always pays the best interest.” – Benjamin Franklin
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