By Chukwuma Umeorah
The Director General, Securities and Exchange Commission (SEC), Emomotimi Agama, has called on capital market operators to prioritise fintech solutions as crucial tools for enhancing Nigeria’s capital market.
Agama emphasized the transformative potential of fintech in improving market access, streamlining transactions, and increasing transparency. He emphasised the diverse spectrum of financial instruments available to investors, including derivatives and exchange-traded funds, both conventional and non-interest based. He stated, “From green bonds to social impact investing, from derivatives to exchange-traded funds, both from the conventional and the non-interest prisms, the spectrum of financial instruments available to investors is vast and diverse.”
He stressed the Importance of embracing technological advancements, particularly fintech solutions, which offer increased access to the capital market, streamlined transactions, and enhanced transparency. Agama emphasized, “Embracing technology, therefore, is paramount. Fintech solutions offer increased access to the capital market, streamlined transactions and enhanced transparency. By fostering a regulatory environment that encourages responsible adoption of these technologies, we can unlock their full potential and, indeed, the potential of our nation.”
Highlighting SEC’s commitment to sustainability and ethical conduct, Agama underscored the need for responsible adoption of these fintech solutions. He said, “The SEC aims to ensure that innovations in the capital market are guided by principles of sustainability, inclusivity, and ethical conduct, promoting not only wealth generation but also social and environmental responsibility. By fostering a regulatory environment that encourages responsible adoption of these technologies, we can unlock their full potential and pave the way for a prosperous future for Nigeria.”
In another development, SEC has issued a warning to the public regarding fake social media accounts impersonating the Director General, Dr. Emomotimi Agama.
In a statement issued yesterday, the Commission highlighted the prevalence of fraudulent activities targeting investors and the online community. “The SEC has become aware of several fraud attempts targeting the investing public and our online community,” the Commission announced. The scammers, posing as Dr. Emomotimi Agama, aim to deceive unsuspecting individuals into sharing personal information and making unauthorized payments.”
The SEC stressed that neither the Director General nor any staff member would request personal investment information through private phone lines, emails, or social media handles.
“Official information from the Commission is communicated ONLY through its verified email addresses, website, social media handles, and phone numbers,” the SEC stated.
The public is therefore urged to verify the identity of anyone contacting them and to reach out directly to the SEC if in doubt.
The Commission added” For verification, individuals can contact the SEC via email at sec@sec.gov.ng or call +234 02094621168.”
The Commission reaffirmed its commitment to protecting investors in the Nigerian capital market and emphasized its ongoing efforts to combat scams and fraudulent activities.
