BUSINESS: SEC SET TO ERADICATE PONZI, PYRAMID SCHEMES
THE Securities and Exchange Commission (SEC) has announced its readiness to eradicate Ponzi and Pyramid schemes, thereby fostering an environment where legitimate investment opportunities can flourish in 2025.
Dr Emomotimi Agama, the Director General of SEC, conveyed this message in his New Year address to the capital market community on Sunday.
He emphasised that protecting investors is a cornerstone of the commission’s mission.
Dr Agama also stated that the commission would prioritise initiatives aimed at enhancing market integrity, boosting investor confidence, and driving economic growth.
He highlighted that SEC operates under a dual mandate: regulating and developing Nigeria’s capital market.
“Our primary focus in 2025 will encompass this dual mandate. It is vital for us to integrate the Nigerian Capital Market more comprehensively into the economy.
“Enforcement is crucial to effective regulation. We are overhauling our investigative processes to improve efficiency and hold wrongdoers accountable more decisively.
“Insider trading undermines market activity and fairness. By revising our regulatory framework, we aim to bolster detection, prevention, and accountability mechanisms.
“Transparency is fundamental to investor confidence and capital markets. We will implement measures to ensure greater visibility and trust in securities transactions,” he stated.
The Director General added that the commission is working to enhance the operations of the Investments and Securities Tribunal (IST) to resolve market disputes efficiently and fairly.
He noted that these initiatives are designed to make the tribunal more effective in delivering timely resolutions, thus improving overall efficiency.
Dr Agama identified strengthening the legal framework of the commodities market as a key focus for the commission in 2025, aiming to unlock its full potential to support economic development.
He remarked that the commodities market is a significant area of interest for SEC, especially considering Nigeria’s agrarian landscape.
The Director General expressed pride in the commission’s role in leveraging this comparative advantage to the next level.
Dr Agama stated that this year, SEC would concentrate on reinforcing the legal and regulatory structures necessary for growth, establishing a solid foundation for a vibrant commodities ecosystem, encompassing both soft and hard commodities.
“With an abundance of commodities across Nigeria, SEC will act as a partner in development, ensuring we make a meaningful difference,” he affirmed.
He concluded that these initiatives reflect the commission’s vision for a stronger and more inclusive capital market in 2025, reiterating SEC’s commitment to building wealth, instilling confidence, and making a significant impact.
The SEC chief invited all stakeholders to collaborate in achieving these goals, stating, “Together, we can unlock the potential of the Nigerian capital market and make this a defining year for our economy.
“Our aim is to guide the capital market towards a path that ensures development reaches the doorstep of every Nigerian.”
