Economy
SEC Engages Other Agencies to Curb Ponzi Schemes
By Aduragbemi Omiyale
The Securities and Exchange Commission (SEC) is working in collaboration with other agencies to clean up the Nigerian capital market of Ponzi schemes.
The Director-General of SEC, Mr Lamido Yugudu, expressed displeasure over the proliferation of illegal fund managers in Nigeria’s investment climate.
He lamented that promoters of these schemes continue to defraud millions of citizens by promising them mind-boggling returns on investments.
Speaking at a National Fact-Checking Course organised by the National Orientation Agency (NOA) in Abuja of Tuesday, Mr Yuguda said the agency will engage other organisations to curb the activities of illegal operators.
The SEC chief, who was represented by the Executive Commissioner Corporate Services of the SEC, Mr Ibrahim Boyi, stated that “Such Schemes with all the illegality and promises of unrealistic returns have burnt the fortunes of many ambitious investors, from Yuan Dong Ponzi to Galaxy Transport, Famzhi Interbiz Limited, Cowlane and Durell, and the infamous Mavrodi Mundial Movement (MMM).
“The upsurge of these Schemes has undermined the reputation of the capital market and dampened investors’ confidence, among other things. This has created a considerable challenge to the growth of our market, and the Commission is striving to change the narrative by instilling a fair, transparent, and orderly market,” he stated.
Mr Yuguda said while the SEC, in collaboration with other regulators in the financial sector, strives to clamp down on merchants of fake news and Ponzi Schemes, investors also have a huge role to play.
“Investors are advised to always confirm if the investment product, scheme, or company is registered with the SEC before investing. This could be done through our website: www.sec.gov.ng or via email to [email protected] or from other regulatory authorities.
“Investments enable growth in wealth, thus while encouraging more retail investments, we urge you to invest in investment classes and products approved by the SEC, which can be confirmed through the channels provided above,” he stated.
The SEC DG described the course as a timely programme that would go a long way to check the scourge of fake news, misinformation, and disinformation.
He said disinformation, misinformation, and fake news are often intended to instigate hate, anger, and acrimony, consequently, causing disaffection, division, violence, and even war.
“Disinformation in the media has long existed in different forms. However, modern fake news has attracted significant attention due to its prevalence and impact in the social media era.
“The SEC, as the apex regulator of the Nigerian capital market recognizes the effect fake news can have on the market, as it can significantly impact prices in the capital market.
“NOA’s drive to build detectors is therefore commendable. The capital market requires such fact-checkers to mitigate measures from fraudsters in the field of information-based securities fraud,” he stated.
Mr Yuguda, therefore, assured of the commission’s continuous support, engagement, and collaboration towards bringing sustainable growth and development to our markets and the nation at large.
In his remarks, DG of NOA, Mr Garba Abari, expressed the need to expand the frontiers of the conversation around the issue of fake news which has become a matter of concern both in Nigeria and the world over.
He said it has become more imperative now especially with the elections approaching, which makes the training more compelling.
Mr Abari said the aim is to train 37,000 Nigerian fact-checkers cutting across different spheres of national life; the military and security agencies, organized private sector, the public service at large, newspapers and online media practitioners, bloggers, and private citizens, that whatever knowledge applied within here is a knowledge that can be replicated at home through our family members and in our respective places of work.
“The idea is first is to help the country before we enjoy all the freedom that we need. The social, conventional, and orthodox media have become an agent of propagating hate, mischief and creating an atmosphere that should not arise, thereby escalating our diversity, religious and different partisan preferences,” he stated.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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