The Securities and Exchange Commission (SEC) has said it was ready to go into partnership with relevant bodies including the Investment and Securities Tribunal (IST) to curb potential cases of infractions in Nigeria’s capital market.
It said this was part of its quest to ensure zero tolerance on infractions in the country’s capital market, as well as ensure that perpetrators of fraudulent acts are brought to book.
In a statement from the SEC on Tuesday in Abuja, its acting Director General, Dr. Abdul Zubair, said the present management of SEC had zero tolerance on market infractions.
He noted that anyone that flouts rules governing the capital market would be made to face the consequences of such actions.
Zubair stated this when the chairman and members of IST visited him in his office in Abuja, where he also told the IST team that the SEC has embarked on a number of initiatives to protect investors in the market and ensure that they reap the benefits of their investments.
“SEC has rolled out a number of initiatives and campaigns which have been yielding results. These initiatives are to ensure that investors are aware of what to do to protect their investments.
“The e-dividend is one of such campaigns and we enjoin investors to key in so that they can reap the benefits of their investments,” Zubair said.
Similarly in the statement, the Chairman of the IST, Mr. Isaiah Idoko-Akor, congratulated Zubair on his appointment, and expressed IST’s confidence on him to move the capital market forward.
Idoko-Akor commended the SEC for its supports for the IST, and craved for more support to allow the tribunal continue its works.
According to him, “IST is serving the market, it is very important to the market and that is why we commend SEC for its support to the IST. However, IST needs to be strengthened to be able to carry out its functions effectively. As the market is expanding, we also need funds to expand our operations to be able to serve better.”
He also called for increased enlightenment and sensitisation of the investing public, especially as it relates to seeking redress on issues relating to the capital market.
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