Business

SEC to Intensify Efforts Against Ponzi Schemes in 2025, Says DG

Published by Tope Fakinlede on January 6th, 2025.

SEC to Intensify Efforts Against Ponzi Schemes in 2025, Says DG

Emomotimi Agama, the Director-General of the Securities and Exchange Commission (SEC), has announced that combating investment fraud, including Ponzi schemes, will be a key priority for the commission in 2025. He emphasized that the SEC is focused on strengthening regulatory measures to improve the detection and accountability of such fraudulent schemes.

In his New Year address to the capital market, Agama outlined the SEC’s goals for the upcoming year, stressing the importance of integrating Nigeria’s capital market into the broader economy.

“The SEC has a dual mandate to both regulate and develop Nigeria’s capital market. For 2025, our primary focus will encompass both aspects of this responsibility. Mainstreaming the Nigerian capital market into the economy is crucial for its growth,” he explained.

“Effective enforcement is essential for any regulation to succeed. We are overhauling our investigative processes to improve efficiency and ensure that those who engage in unethical practices are held accountable,” Agama continued.

He also highlighted the issue of insider trading, noting its detrimental effect on market fairness. With plans to revise the regulatory framework, Agama said the SEC aims to bolster mechanisms for detecting, preventing, and addressing such misconduct.

“Transparency is critical to building investor confidence. We will implement measures to ensure greater transparency in securities transactions, fostering a trustworthy environment,” he added.

Agama also spoke about the SEC’s focus on the commodities market, acknowledging Nigeria’s agrarian strengths. “As an agricultural nation, Nigeria has significant potential in the commodities sector. The SEC is committed to enhancing the legal and regulatory frameworks that support growth in this area, creating a solid foundation for a vibrant commodities market,” he noted.

With Nigeria’s vast array of commodities, Agama emphasized that the SEC is determined to play a pivotal role in ensuring the sector’s development, whether for soft or hard commodities.

The SEC DG concluded by stressing that the commission’s efforts will be geared towards ensuring that the capital market serves the interests of all Nigerians, driving economic development and broadening participation across the market.