Ponzi scheme promoters to face the wrath of the law — SEC DG

IFEANYI ONUBA

Furthermore, the Federal government presented the 2020 Federal Budget Proposal, which is a landmark compared to previous budgets. The budget is expected to sustain growth and affect the capital market positively. As you are aware, the Capital Market Masterplan guides the policy decisions of the commission and we expect to further consolidate on the gains of implementing some of our initiatives.

However, it is also important to have clarity in taxation regimes while using tax as an incentive for citizens to go into certain activities, such as investment. We believe that once we solve the identity issues that we have presently, the problem of unclaimed dividends will be a thing of the past. The issues around multiple subscription is still on. We have given some time for those affected to regularise their accounts.

What that means is that when dividends are paid, investors no longer have to wait for warrants by post as these dividends are paid directly into their accounts. In the area of Ponzi schemes, what has SEC done so far to ensure that unsuspecting Nigerians are not defrauded of their money? That is why the SEC and the entire capital market community have intensified efforts at investment education.

Fintech is a combination of finance and technology and the world is fast in recognising and accepting the role of technology in the financial sector. We need to be able to balance our objective of protecting investors and encouraging innovation and development in the market. Dedicated units have also be set up within the commission to handle fintech.

We believe that this is a good time to have derivatives in our market. They are currently being traded in our markets but they are traded over the counter. For the exchange traded derivatives, we have put in place a very robust risk management framework and that is why we brought these rules out.

This should happen, Like yesterday.

SEC DG, UNA REAL DAD

There is one Ponzi company at no 1, Murtala Mohammed Way, Post Office b/stop Yaba called Recharge and Make Money, don't know if they are still there fleecing people. I was fleeced too.

oluwaloninyo This is a very good one, kudos FGN

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