The Securities and Exchange Commission (SEC) has announced that it will publish the names of Capital Market Operators who violate market regulations in its “name and shame” journal.
This was outlined by the commission in a recent public notice titled “Additional Enforcement Measures on Erring Capital Market Operators.”
The SEC’s decision reflects a zero-tolerance policy for infractions in the capital market and aligns with newly revised enforcement strategies.
According to the notice, “The publication will be in addition to the sanctions and penalties for the respective infractions prescribed in the ISA 2007 and the SEC rules and regulations.”
In a related update, the SEC revealed that Centurion Registrars Limited, along with its directors and sponsored individuals, has been suspended.
The SEC stated, “All clients of Centurion Registrars are advised to contact Africa Prudential Plc for guidance.”
This action is part of the commission’s broader efforts in 2025 to crack down on capital market operators it deems illegal.
Recent actions by the Commission
The Securities and Exchange Commission (SEC) recently revoked the registration of Mainland Trust Limited as a capital market operator, citing regulatory non-compliance and outstanding complaints against the company.
This decision, which takes immediate effect, was made under Section 38 (4) of the Investments and Securities Act, 2007, and Rule 34 (1) (e) of the SEC Consolidated Rules and Regulations 2013.
In early March, the SEC issued a public warning regarding the ‘Pro-vest’ and ‘My Share’ investment schemes, both operating under names not registered with the regulator.
- The SEC identified UYJ Multitrade Limited, which claims to serve as an Investment Adviser/Fund Manager in the Nigerian Capital Market and promotes the ‘My Share’ scheme, as unregistered and unauthorized to conduct any business.
- Additionally, the commission highlighted the activities of Promiseland Estates Limited and Promiseland Building & Construction Limited, which are linked to Pro-Vest, urging the public to avoid investing in these entities.
What SEC changed in February
In February, the Securities and Exchange Commission (SEC) announced a new timeline that reduces the company offer approval period to just two weeks.
This update, communicated by SEC Director-General Dr. Emomotimi Agama on February 24, 2025, indicated that approvals would be granted within two weeks, contingent upon the completion of the necessary documentation.
In a statement, the SEC emphasized, “The capital market is the lifeblood of any economy, and this is inherently regulated by time. One of our primary goals has been to reduce the time to market.”
Furthermore, the SEC noted, “We have successfully cut the time to market from over a year to just fourteen days.”
