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SEC mandates CMOs to update investors information

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Godwin Okaforhttps://naija247news.com
Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

Abuja, April 15, 2021 The Securities and Exchange Commission (SEC) has mandated all Capital Market Operators (CMOs) to update their investors’ Know Your Customer (KYC) information.

The commission gave the mandate at the first quarter Capital Market Committee (CMC) virtual meeting on Thursday in Abuja.

Speaking at the post-CMC virtual news briefing, Mr Lamido Yuguda, the Director-General of SEC, noted that the level of compliance by CMOs to the update was low.

He disclosed that as at April 8, there were still over four million accounts with incomplete KYC information.

Yuguda said that the update was critical to deepening the participation of retail investors in the market.

“We direct all CMOs to accord it the highest level of priority.

”In the same vein, registered CMOs are advised to refrain from providing any form of support to unregistered entities operating unlawfully within our market, as such action would not be condoned.

”Furthermore, we urge CMOs to improve on their level of compliance, timeliness and correctness of disclosures and other filings made to the commission,” he said.

Yuguda also informed the capital market community that the Nigerian Stock Exchange (NSE) had concluded the demutualisation process.

He announced that the organisation would now be known as the Nigeria Exchange (NGX) Group Plc.

The D-G said that as part of measures to support the development of the commodities ecosystem, the Central Bank of Nigeria (CBN) revalidated its 59.9 per cent holding in the Nigerian Commodities Exchange (NCX) to ensure its appropriate positioning for effectiveness.

He said the move had addressed the funding problem plaguing the NCX and several engagements were ongoing with relevant authorities to promote trading on the Exchange.

Yuguda explained that SEC was also engaging with the CBN to encourage acceptance of warehouse receipts by banks as collateral.

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