By Adedapo Adesanya

The Securities and Exchange Commission (SEC) has once again vowed that market operators engaging in unscrupulous activities would not be allowed to go unpunished.

The Director-General of SEC, Mr Emomotimi Agama, in a new notice to operators said there is no hiding place for violators in the country’s capital market.

This latest call joins recent calls by the regulator that it would mop up all illegalities in the Nigerian capital market in order to protect the country’s image and investors.

He described investors’ protection as a fundamental principle for the commission, noting that the Investments and Securities Act (ISA) 2007 clearly outlined the objectives of securities regulation in the country.

According to him, “it is important that as a form of self-regulation, they (operators) know beforehand that if you do what is not right, the SEC will bring you out to the wall to say that you do not have character.

“This is because the very ethics of regulating or of registering a securities market operator is in the principle of the fit and proper person’s test.

“A fit and proper person’s test means that you satisfy all of the requirements that have been laid down in the ISA 2007 and in other regulations that the SEC has brought out to make sure that this happens.

“So, clearly for us, it is getting people to understand that there is no hiding place anymore for anybody that has an intention to defraud Nigerians and to defraud anybody that is investing in this market.

“And so what you have been seeing most recently by the revocation of licences, by the suspension of operators, and our follow up to operators that are not registered with the SEC is only a tip of the iceberg as to what we intend to do this year.

“We believe strongly that a protected investor is a powerful investor and we will do everything within the powers of the SEC and the Nigerian law to make sure that we deter unscrupulous persons who are involved in trying to defraud Nigerian investors.”

The director-general said SEC was committed to ensuring that all market participants understood the Commission’s responsibilities.

He said compliance and information disclosure were important to capital market operation describing them as the fundamental objectives of securities regulation.

Mr Agama urged both existing and prospective market participants to work closely with the Commission to foster the development of the market.

By Aduragbemi Omiyale

The embargo earlier placed on the shares of Mutual Benefits Assurance Plc by the Nigerian Exchange (NGX) Limited has been lifted.

The suspension was removed last Thursday, allowing investors to resume trading in the company’s securities.

Recall that on July 8, 2024, trading in the shares of Mutual Benefits on the floor of the NGX was prohibited following the refusal of the board to file the audited financial statements of the organisation for the 2023 fiscal year.

Last week, the company released the outstanding financial statements, prompting the stock exchange to lift the suspension in compliance with the rules.

Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing, which provides that if an Issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will a) send to the Issuer a second filing deficiency notification within two business days after the end of the cure period; suspend trading in the issuer’s securities; and notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.

After submitting the results, the NGX declared that it has removed the restriction in compliance with Rule 3.3 of the Default Filing Rules, which states that; The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of the exchange. The exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted.

The Nigerian Exchange in a statement over the weekend confirmed lifting the embargo, saying shareholders and others may begin to trade the shares.

By Adedapo Adesanya

The Nigeria LNG (NLNG) Limited has highlighted its plans to enhance engagement and improve the operational efficiency of its domestic Liquefied Petroleum Gas (LPG) supply to the country through the digitalisation of some of its processes.

The company said in a statement that it plans a new platform designed to streamline regulatory processes, optimise risk management, and enhance the buyer experience.

The platform will feature IT-supported relationship management, automated issue resolution, centralised real-time payments, and improved case management systems, ensuring a seamless supply process despite market shifts and external pressures.

Speaking at the session, the Manager for Commercial Contract Management at NLNG, Ms Tolulope Longe, reiterated that the planned improvements would enable and consolidate NLNG’s resolve to delivering 100 per cent of its LPG supply to the Nigerian market.

She said a strategic roadmap was in play to ensure the achievement of NLNG’s longstanding goals of LPG being accessible and available in the country, aligning with its vision of being a globally competitive energy company, improving lives sustainably.

She also harped on the significance of these improvement initiatives and the Company’s push for LPG utilisation as a clean energy source alternative to kerosene and other fossil fuels.

Ms Longe noted that the company remained focused on growth and sustainability of the LPG market by continuously enhancing its supply processes in collaboration with offtakers. She stressed NLNG’s commitment to collaborating with stakeholders to maintain pricing stability and long-term market viability.

She also acknowledged industry concerns, adding that it is important to have operational efficiency in meeting market demands.

NLNG added that it aims to strengthen stakeholder engagement and improve market efficiency in the LPG sector through enhanced customer interactions, minimised schedule disruptions, timely confirmations and deliveries, and prioritisation of customers with demonstrable capacity.

NLNG noted that it remains committed to driving sustainability and delivering lasting value to Nigerians as it adapts to market realities.