Protect, Monitor Your Investments—SEC Urges Army

protect investments
Image Credit: Eco House Scam

By Dipo Olowookere

Officers and men of the Nigerian Army, who are investors in the country’s capital market, have been advised to do everything within their power to protect and always monitor their investments.

Acting Director-General of the Securities and Exchange Commission (SEC), Ms Mary Uduk, who gave this advice, said this can be done by exploring all available channels put down by regulators.

According to her, few of these channels are e-dividend, Direct Cash Settlement, regularisation of multiple subscription, transmission of shares among others.

Speaking during a visit to the 9 Brigade of the Nigerian Army in Ikeja on Thursday, the acting DG, represented by the Head of SEC’s Lagos Zonal office, Mr Stephen Falomo, stated that, “These are all put in place to boost investors’ confidence.

“Investors are also protected through the National Investors Protection Fund (NIPF) Risk Based supervision that enables the SEC to supervise the operators to ensure that they do not do what they are not supposed to do.”

Ms Uduk said her agency also rolled out a Complaints Management Framework which enables investors to know where to complain to and how long it takes for such complaints to be resolved.

“For those of the investors that are averse to risk, they should get their financial advisers to advise them properly on where to invest.

“We also advise investors to take ownership of their investments. They have to be able to monitor their investments, attend Annual General Meetings as well as read the annual reports sent out to them.

“We also advise retail investors to invest in Collective Investment Schemes and Mutual Funds because those are managed independently by professionals and they are diversified thereby reducing risks,” she said.

The SEC boss added that the commission was committed to protecting investors and will keep working on its rules and the possibility of amending them when the need arises, we want more transparency in the market so that investors will feel comfortable and the market can be better

“Several opportunities are available in the capital market. This is against previous enlightenment we did with the ordinance corps recently which was very successful.

“We want to let you know the opportunities that your officers and men can get in the capital market, and for those already investing we want to tell them how they can protect their investments,” she added.

In his remarks, Commander 9 Brigade Nigerian Army, Brigadier General Musa Etsu-Ndagi, said the Brigade was willing to collaborate with SEC in a bid to enlighten more officers and men on the investment opportunities available in the capital market.

He said the Chief of Army Staff supports such steps, noting this was why before now, he has gone ahead to encourage some investment opportunities which officers and men are already partaking in.

“We are ready to key into the opportunities available in the capital market because we believe it will assist us invest wisely so that we can get the benefits of our investments while working and even when we retire,” he stated.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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