By Ginika Okoye
The Securities and Exchange Commission (SEC) has sounded a fierce warning to rogue operators in the country’s capital market, declaring that there will be “no hiding place” for violators.
The Director-General of SEC, Dr Emomotimi Agama, in a hard-hitting notice obtained by the News Agency of Nigeria (NAN) on Sunday, made it clear that unscrupulous market players will not be spared.
Agama minced no words, stressing that investor protection remains paramount, and any operator caught engaging in fraudulent practices will be publicly exposed and punished.
“If you do what is not right, the SEC will bring you out to the wall to say that you do not have character,” he warned.
Citing the Investments and Securities Act (ISA) 2007, the SEC boss emphasised that every registered market operator must pass the “fit and proper person’s test”—a rigorous screening to ensure integrity and compliance.
Agama made it clear that SEC’s recent clampdown, which has seen multiple licences revoked, operators suspended, and unregistered firms exposed, is only “a tip of the iceberg.”
“There is no hiding place anymore for anybody that has an intention to defraud Nigerians and investors in this market,” he declared.
The commission vowed to intensify regulatory enforcement, stating: “We believe strongly that a protected investor is a powerful investor, and we will do everything within the powers of the SEC and Nigerian law to deter unscrupulous persons who are involved in trying to defraud Nigerian investors.”
Agama further urged all capital market participants—both existing and prospective—to strictly comply with SEC’s regulations, emphasizing that compliance and transparency are the foundation of a strong market.
