The securities and Exchange Commission has restated it’s determination to end illegal fund managers in the country, who are operating without license.
The Acting Director General of the SEC, Ms. Mary Uduk said this recently while speaking in Abuja.
Represented by the Head, office of the Chief Economist, Mr. Okechukwu Umeano, Uduk said the enforcement department of the Commission has intensified efforts to close these ponzi schemes and prosecute the promoters.
Uduk said the Commission remains committed to its core mandate of protecting investors and assures the general public that it shall perform this function in line with extant securities legislation.
“ We advise prospective investors to cross check properly before patronising any fund manager. Information about registered entities and investment schemes approved by the Commission can be found on the Commissions website www.sec.gov.ng or at any of the Commission’s offices” she stated.
The Acting DG expressed the optimism that the market will have a positive year, and thanked the Central Bank of Nigeria for its actions in pushing down sovereign yields and helping funds flow to the equities market thereby reducing the crowding out of corporate from the debt market.
“Their actions in the area of foreign exchange management, and how they respond to rising inflation will play a huge role in determining market performance. However, we have confidence in their ability to do what is best for the economy.
“Having said all these, the SEC will continue to do its bit to ensure our market continues to grow. We will keep engaging eligible companies to list, government to ensure that government assets are sold through the market, and removal of the disincentives to investing in the Nigerian Capital Market.

Myprompttv.com reports that the avowed determination of SEC has crashed many ponzi schemes especially Loom which surfaced after the dreadful MMM.