The Securities and Exchange Commission (SEC) has assured investors that it would investigate suspicious transactions not allowed in the capital market. The Acting Director-General, SEC, Ms. Mary Uduk, urged market operators to make use of the SEC’s whistle blowing policy and report any such infractions for immediate actions.
This strategy was revealed by the Acting Director-General who was reacting to questions during the two-day international capital market conference organised in collaboration with the Department of Finance, University of Lagos. The Director-General recalled several efforts and appeals to issuers to list their shares without success, stressing that market operators encouraged private placements knowing that the law did not allow the SEC to regulate private companies.
The Director- General noted that the SEC had been investigating infractions of private placements and with enough evidence, the SEC would proceed to invite the erring companies and refer them to the relevant authorities for further investigation. The Director-General noted that anyone caught engaging in any activity that was against the laid down rules would be made to face the full wrath of the law. The SEC Director-General also noted that operators in the capital market were well placed to aid the SEC by reporting any infractions with the aid of the whistle blowing provisions contained in the SEC Rules and Regulations. The SEC Director-General reiterated that it would continue to work hard to eradicate illegal practices in the market.
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