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SEC to Tackle Ponzi Schemes, Enhance Commodities Market

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KEY POINTS


  • The government and stakeholders focus on developing Nigeria’s commodities market to drive economic growth.

To eradicate Ponzi and pyramid schemes as well as help develop the commodities market in Nigeria, the Securities and Exchange Commission (SEC) has made this commitment, assuring that doing so within the next five years.

Speaking in his New Year message, SEC Director General Dr. Emomotimi Agama outlined the strategic goals of his agency and placed protection of investors and market integrity at the centre of its mission.

Fighting fraud intensifying

SEC’s Dr. Agama reaffirmed the Commission’s resolve to take action in cracking down on all types of frauds targeting the trust of investors.

He also pledged to modernise investigative processes, better regulatory regime and transparency in securities transactions.

“Effective regulation is only achieved through enforcement.’ We want to raise investor confidence and accountability by improving our processes and fighting insider trading, Agama said.

In addition, the SEC will strengthen the operations of the Investments & Securities Tribunal to provide a level playing field for market dispute resolution.

Commodity market expansion

Leveraging Nigeria’s agrarian economy to develop a vibrant commodities market is one of the key priority for 2025.

The SEC will underpin the legal and regulatory structures to facilitate the growth of soft as well as hard commodities, Agama noted.

“We’re an agrarian nation, and the full potential of the commodities market is what is needed to be unlocked in Nigeria.” Agama said the SEC will further make this sector an important contributor to economic development.

The Commission also plans to develop a dynamic commodity ecosystem, which is providing a robust ecosystem for development of Nigeria’s huge resources for sustainable economic growth.

A call for collaboration

Stakeholders, he said, should work with the SEC to help create an inclusive and prosperous capital market. He described the year as a year where it would be possible to integrate Nigeria’s capital market in Nigeria’s economy more broadly, and create wealth as well as enhance Nigeria’s economy.

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