SEC urges investors to expose illegal fund managers

In a bid to ensure that only registered entities are allowed to operate in the capital market, the Securities and Exchange Commission has urged members of the public to report any fund manager that is operating without the registration of the Commission.

Chief Economist, SEC Dr. Okey Umeano stated this in an interview in Abuja, said the battle against illegal fund managers must be tackled on all fronts.

Umeano disclosed that the new Investments and Securities Bill has amended some of the provisions around Ponzi schemes, illegal fund managers, and certain unwholesome practice in the market to ensure that these practices no longer happen.

“This ISB is supposed to accommodate these new operators, these new instruments and new happenings in the market. The Act is now more up to date and in line with present happenings in Nigeria and the global level. This Act also protects the investors more because we have made certain provisions in that Act that strengthens the SEC to ensure that they are better able to carry out their investor protection activities.