Economy
SEC Working to Ensure Investors Identify Genuine Investment Opportunities
By Aduragbemi Omiyale
The Executive Commissioner Operations for the Securities and Exchange Commission (SEC), Mr Dayo Obisan, has disclosed that the agency was working tirelessly to ensure that investors identify genuine investment opportunities through investor education programmes.
Speaking during one of such workshops for staff of the Federal Road Safety Corps (FRSC) in Abuja on Wednesday, the capital market expert said the commission was worried about the activities of Ponzi scheme operators, who he said are taking advantage of the poor knowledge of the public in the market to dupe them.
However, he assured that the organisation would continue to deploy its enforcement mechanisms, including collaboration with other relevant government agencies and stakeholders, to tackle the menace.
Mr Obisan, who was represented by the Director of the Market Development Department, Mr Nestor Ikeagu, said these promoters of these unscrupulous schemes pose as operators in the capital market to defraud investors of their money with mouth-watering promises of return on investments.
“This has made it difficult for investors to differentiate between genuine and false investment opportunities. The activities of these Ponzi scheme promoters have posed a huge challenge to the commission. In combating them, we are working in collaboration with other agencies to nip their activities in the bud.
“Also, the commission is working tirelessly to ensure investors are aware of these nefarious activities through investor education programmes. We urge the FRSC to partner with us in the fight against Ponzi schemes by reporting to the SEC anytime such activities are noticed. We can be reached via www.sec.gov.ng, +234-094621168 and the SEC social media handles,” he stated.
He expressed the hope that the programme will give participants an overview of the capital market and afford them the opportunity to learn how to invest in the Nigerian capital market, including Collective Investment Schemes being managed by professionals, in addition to exposing participants to the activities of Ponzi schemes and how to identify them.
The Executive Commissioner disclosed that the SEC has a dual mandate to regulate and develop the Nigerian capital market that is fair and orderly, and engenders investor confidence adding that a key aspect of the SEC’s market development role is enlightenment and investor education.
In his remarks, the acting Corps Marshal of the FRSC, Mr Dauda Biu, stated the importance of officers of the corps being financially literate.
Represented by Corps Commander, Mr Anume Osuamkpe, he said Nigerians would only be able to avoid fraudulent investment schemes if they have the requisite knowledge.
“This training is very important as it will enable staff of the FRSC to have knowledge of the workings of these fraudulent schemes and know how to avoid them.
“It will also help them know the products available in the capital market and aid them in taking decisions of how to invest their funds wisely,” he stated.
Mr Biu lamented that many Nigerians had lost huge sums of money to these Ponzi schemes as the operators approach victims with mouth-watering offers that are sometimes too difficult to resist.
“But with programmes like these, Nigerians will be able to know the right investments and how to access such investments in the capital market,” he added.
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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