Capital Market Infractions Reduced by 87.6% in 18 Months—SEC

By Modupe Gbadeyanka

The Securities and Exchange Commission (SEC) seems to be making headway in its zero tolerance campaign in the capital market.

According to the Director General of SEC, Mr Mounir Gwarzo, in the last 18 months, the level of infractions in the capital market has declined by 87.6 percent.

Mr Gwarzo attributed this to the various initiatives of the capital market regulator aimed at sanitizing the industry.

He said these initiatives have helped restored confidence of investors and stakeholders in the Nigerian capital market.

Speaking at the 21st annual conference of the Chartered Institute of Stockbrokers (CIS) in Lagos, Mr Gwarzo said specifically, the number of reported cases of infractions fell from 291 in first quarter of 2016 to 36 in the third quarter of 2017.

The DG disclosed further that the number of enforcement cases has also dropped from 49 to 30 within the same period.

According to him, SEC has fortified its rule making process and more rules and promised that the commission will continue to develop Nigerian financial market in line with the 10-year master plan.