The Securities and Exchange Commission has pledged to step up its efforts to prevent pyramid and Ponzi schemesSEC DG underlined that safeguarding investors is a crucial aspect of the Commission’s work He pointed out that the SEC’s 2025 agenda will place a high premium on investor trust and economic growth
Henzodaily.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
In 2025, the Securities and Exchange Commission has committed to further up its efforts to combat pyramid and Ponzi schemes while simultaneously concentrating on growing Nigeria’s commodities market.
SEC stated that protecting investors is a key component of it’s mission. Photo Credit: SEC
Source: Getty Images
In a New Year’s address to the capital market community over the weekend, SEC Director-General Dr. Emomotimi Agama revealed this, according to a statement released on Sunday.
He emphasized that protecting investors continues to be a key component of the Commission’s mission.
The statement read,
“The Securities and Exchange Commission has emphasised that protecting investors remain a cornerstone of its mission assuring that the commission will intensify efforts to stamp out Ponzi and pyramid schemes while paving the way for legitimate investment opportunities to thrive in 2025.”
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Agama voiced hope for the future, pointing out that market integrity, investor trust, and economic growth will be given top priority on the SEC’s 2025 agenda.
He described the year as crucial for integrating the Nigerian capital market into the larger economy and restated the Commission’s dual purpose of growing and regulating the market.
In addition to outlining measures to restructure the Commission’s investigative procedures in order to increase efficiency and firmly hold corrupt actors accountable, the SEC chief emphasized enforcement as the cornerstone of effective regulation.
To combat insider trading, improve openness, and foster confidence in securities transactions, he noted in a Punch report that the SEC is updating its regulatory framework.
Agama added that the SEC is improving the Investments and Securities Tribunal’s operations to guarantee prompt and equitable settlement of market disputes.
He pointed out that the goals of these reforms are to increase market efficiency generally and investor trust in particular.
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The growth of Nigeria’s commodities market is one of the SEC’s main priorities for 2025. To fully realize the market’s potential, Agama emphasized the significance of utilizing the nation’s rural economy.
He clarified that in order to establish a thriving commodities ecosystem that encompasses both soft and hard commodities, the Commission will fortify the legal and regulatory environment.
Chinmark seeks a return
The development comes amid the planned return of a popular Ponzi scheme, Chinmark, in Nigeria.
Chinmark posted on its Facebook page on November 13, 2024, that it plans to return the offer to investors purpose.
The company went bust in 2022 when investors stopped receiving investment returns.
SEC releases names of 5 cryptocurrency companies approved
Henzodaily.ng reported that Securities and Exchange Commission (SEC) has released the list of cryptocurrency companies authorised to operate in Nigeria.
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The approval comes amid ongoing efforts to regulate digital assets.
According to a statement from the SEC, it has granted approval in principle to two digital asset exchanges, Busha Digital Limited and Quidax Technologies Limited, to begin operations under its Accelerated Regulatory Incubation Program (ARIP).
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Source: Henzodaily.ng