The Securities and Exchange Commission (SEC) has revealed that its revised Capital Market Master plan would be launched by November following approval from the federal government.
This was revealed by the Director General of the Securities and Exchange Commission (SEC), Lamido A. Yuguda, during the SEC’s Virtual Capital Market Committee Meeting.
The Capital Market Master Plan Implementation Council had in June this year submitted the revised Nigerian Capital Market Master Plan (2021 -2025) to the Minister of Finance, Budget and National Planning.
At the virtual meeting, the SEC vowed to prosecute unregistered investment crowd-funding platforms that fail to register with the commission.
The DG said the measure was adopted as part of efforts to stem the tide of fraudulent activities in the sector.
Yuguda said the commission’s existing regulatory framework permits private companies with the required structure and mechanism to raise capital from the public through crowdfunding while urging crowdfunding platforms to register with the commission.
He emphasized his commitment to fulfilling the mandate of protecting investors and creating an enabling environment for market operations.
Appealing to all stakeholders, the DG, said we will continue to work towards reducing the volume of unclaimed dividends as stiff penalties would be meted out to any stakeholder whose actions appeared to frustrate its efforts.
“The commission noted that despite its efforts in the implementation of the Electronic Dividend Mandate Management System (eDMMS), investors have continued to lament the delayed payments of e-dividend and the cumbersome manual process among other shortcomings,” he said.