SEC Partners CBN, CSCS, Others to Flush Out Fake Investment Firms

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By Modupe Gbadeyanka

As part of efforts to sanitise the capital market, boost confidence of investors and safeguard their funds, the Securities and Exchange Commission (SEC) said it was partnering with relevant agencies in the sector to flush out fraudulent investment companies.

Speaking on Wednesday in Lagos at the 2017 World Savings Day and Financial Literacy Week, Director General of SEC, Mr Mounir Gwarzo, stated that the agency was committed to ensuring zero tolerance to fraudulent activities in the market.

According to him, SEC is partnering with the Central Bank of Nigeria (CBN), Central Securities Clearing System (CSCS) Limited, Nigeria Inter-Bank Settlement System (NIBSS) Plc, National Pension Commission (PenCom), and others to achieve this goal.

“We are partnering with CBN, NIBBS, PENCOM, CSCS and other regulatory bodies to combat the negative effect of fraudulent investment outfit in the market,” the SEC boss, who was by Mr Henry Rowland, Director Investment Services at the agency, disclosed at the event.

He explained that the move became necessary because of cases of fraud linked with some of these firms.

However, he advised prospective investors to do diligent research on any investment firm because trusting their monies with them.

According to him, intending investors in the Nigerian capital market can start with ascertaining if such outfits are duly registered with capital market regulator.

Business Post reports that this can be done via the SEC website, www.sec.gov.ng or www.sec.gov.ng/list-of-capital-market-operators-cmos/.

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