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Economy

SEC Warns Crypto Operators Against Sharp Practices

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cryptocurrency market

By Adedapo Adesanya

The Securities and Exchange Commission (SEC) has warned individuals and business entities engaging in activities contrary to laid down regulations in the capital market, especially with new rules that would see crypto operators join the fray.

The Director-General of SEC, Mr Emomotimi Agama, said in a statement in Abuja on Sunday that the commission would deploy the law on such defaulters.

Mr Agama said that the organisation would soon commence enforcement against individuals and entities operating in the market without the intention of being regulated.

He said that the commission was committed to protecting investors, including those in the crypto space and urged all participants in the market to play by the rules.

”We are certainly going to commence enforcement actions on anyone who wants to operate in this market and does not have the intention of being regulated.

”This also applies to those in the crypto space.

”We are sending this signal to all those who want to play by the books that they are welcome to our space.

”For those that do not want to play by the books, of course, we will not allow them to operate within our space,” he said.

The DG reiterated that the commission issued approval in principle to two crypto exchanges because it observed that youths were becoming increasingly interested in the digital space.

Mr Agama said that it was important to provide regulation, clarity, and investors’ protection, which were the primary responsibility of the SEC.

”All these we seek to do without hindering innovation because part of our primary responsibility as the SEC is market development.

”Clearly, the majority of persons involved in this space are the youth, therefore, providing a regulated space for these individuals is a primary responsibility of SEC.

”We had to provide a guide, clarity and the knowledge it requires to put all of these things in place, and that is why we have done what we did.

”Full disclosure and making sure that they meet the anti-money laundering and combating financing of terrorism report. Also, education is important as well as a guided regulatory space,” he said.

Mr Agama said that the commission had received numerous applications for exchanges, noting that it did not intend to flood the market with exchanges.

He said that the number of exchanges the commission would register in future would be dependent on individuals and companies meeting the strict regulatory requirement set by the SEC.

The DG said that the commission was taking various steps to ensure that citizens were safeguarded from any attempt to misinform them and rip them off their resources.

He said that the activities of crypto exchanges must be watched closely so that they do not impede the economy.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Economy

SEC Rejects Resolutions at AGM of Tourist Company of Nigeria

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Tourist Company of Nigeria

By Adedapo Adesanya

The Securities and Exchange Commission (SEC) has rejected the resolutions reached at the Annual General Meeting (AGM) of the Tourist Company of Nigeria (TCN) Plc, held on July 25, 2025, saying it does not recognise the meeting.

The regulator raised the rejection in a statement published on its website titled Corporate Governance Crises in the Tourist Company of Nigeria (TCN) Plc on Monday, noting that the gathering was convened by the majority shareholders despite being suspended by the commission.

“The Securities and Exchange Commission (the Commission) has keenly followed recent disturbing developments in The Tourist Company of Nigeria Plc (TCN), championed by some majority shareholders in the company.

“These developments include purportedly proceeding with an Annual General Meeting which was suspended by the Commission, and passing resolutions altering the Board composition by purportedly removing SEC appointed members of the Board and the Board Secretary without recourse to the Commission,” the statement wrote in part.

Business Post reports that some approvals must be granted by SEC to public companies before they hold their meetings.

The commission, pursuant to its core mandate under the Investments and Securities Act, 2025, said it had taken regulatory steps including appointing two Interim Independent Directors into the Board of TCN Plc to ensure its survival as a going concern, and to protect the interest of all shareholders, especially those whose holdings cannot give them access to the Management and control of the company.

“The recent steps taken by the majority shareholders are poised to thwart the gains already made by the said regulatory intervention, which had brought stability into the company and returned its shares to positive values.

“The Commission, by this notice, informs the general public and all stakeholders that TCN Plc remains under the Commission’s regulatory involvement. The Commission does not recognise the purported Annual General Meeting (AGM) of TCN Plc of July 25, 2025, held in clear disregard of an express directive from the Commission and in contravention of extant laws governing such meetings.

“The Commission shall accordingly discountenance any resolution passed in the said meeting until all legacy issues are fully resolved.”

SEC added that the Board of TCN Plc remained as constituted prior to the purported AGM, and the SEC-appointed independent directors would remain on the Board of TCN Plc to ensure good governance, stability, the protection of minority investors, and to ultimately maintain an orderly and fair market.

“The Commission remains a law-abiding agency and would accordingly use all legal machinery at its disposal to uphold its regulatory mandate of investor protection and ensure market discipline.

“All stakeholders and the investing public should be guided accordingly,” it noted.

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Economy

NASD OTC Bourse Opens Week 1.40% Higher

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Nigeria's Unlisted Securities Market Sheds 0.78%, NASD Shares up 8.31%

By Adedapo Adesanya

It was a positive start to the week for the NASD Over-the-Counter (OTC) Securities Exchange as it extended its upward run by 1.40 per cent on Monday, July 28.

This happened despite the activity level closing lower as the volume of trades went down by 73.2 per cent to 386,754 units from the 1.4 million units traded in the previous trading session, the value of transactions depreciated by 15.4 per cent to N30.0 million from the N35.5 million executed last Friday, and the number of deal decreased by 27.5 per cent to 50 deals from the 69 deals carried in the preceding trading day.

According to data, Okitipupa Plc ended the day as the most traded stock by value on a year-to-date basis with 154.0 million units worth N4.9 billion, followed by Air Liquide Plc with 507.2 million units valued at N4.2 billion, and FrieslandCampina Wamco Nigeria Plc with 42.7 million units sold for N1.8 billion.

Similarly, Industrial and General Insurance (IGI) closed the session as the most traded stock by volume on a year-to-date basis with 1.1 billion units traded for N354.4 million, trailed by Impresit Bakolori Plc with 536.9 million units sold for N524.8 million, and Air Liquide Plc with 507.2 million units valued at N4.2 billion.

The bourse finished with two price losers and price gainers led by Central Securities Clearing System (CSCS) Plc, which added N4.93 to its value to sell at N54.40 per share compared with the previous N49.47 per share and Food Concepts Plc, which grew by 30 Kobo to N3.35 per unit from N3.05 per unit.

But, FrieslandCampina Wamco Nigeria Plc lost N1.38 to settle at N72.46 per share versus N73.84 per share, and NASD Plc declined by 30 Kobo to N32.95 per unit from N33.25 per unit.

When trading activities ended for the day, the market capitalisation improved by N29.76 billion to N2.157 trillion from N2.127 trillion, and the NASD Unlisted Security Index (NSI) appreciated by 50.83 points to 3,684.61 points from 3,633.79 points.

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Economy

Naira Gains 0.02% at Official Market, Falls to N1,540/$1 at Black Market

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By Adedapo Adesanya

The Naira started the new week at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on a good note as its value improved against the US Dollar on Monday by 27 Kobo or 0.02 per cent to sell for N1,534.39/$1 compared with the N1,534.66/$1 it was exchanged last Friday.

This positive performance was extended to the Pound Sterling in the same market segment yesterday as it gained N3.29 to close at N2,059.37/£1 compared with the N2,062.66/£1 it was traded in the previous trading session and chalked up N14.10 on the Euro to quote at N1,786.74/€1, in contrast to the N1,800.84/€1 it was transacted in the preceding trading day.

However, in the black market, the value of the Nigerian currency depreciated against its American counterpart on Monday by N5 to close at N1,540/$1 compared with the previous session’s rate of N1,535/$1, according to data obtained by Business Post.

There are expectations that the Naira is projected to remain stable in the official market as capital inflows have equally rebounded since global financial pressures eased with the FX market continuing to attract foreign portfolio investments and bolster investor confidence.

As for the cryptocurrency market, it turned red yesterdat as investors chased liquidity with developments around leverage, regulatory overhang, and pullback in portfolio rebalancing affecting the market, with Dogecoin (DOGE) shedding 6.6 per cent to sell at $0.2297.

Further, Cardano (ADA) lost 5.2 per cent to trade at $0.8021, Litecoin (LTC) depreciated by 4.7 per cent to $110.12, Solana (SOL) slid by 4.5 per cent to $185.27, Ripple (XRP) declined by 3.9 per cent to $3.16, Ethereum (ETH) crashed by 2.4 per cent to $3,817.91, Binance Coin (BNB) slumped by 2.1 per cent to $832.82, and Bitcoin (BTC) fell by 0.5 per cent to $118,930.09, and the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.

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