We must protect Nigerians from fraudulent operators – SEC boss

The Director General, Securities and Exchange Commission, Mr. Mounir Gwarzo, has warned Nigerian capital market operators involved in market infractions to desist from the practice or face sanctions.
Speaking during a stakeholders’ forum on the Capital Market and Nigeria’s Economy organised by the National Assembly joint committees on capital market and institutions in Abuja, Gwarzo disclosed that SEC had begun investigations into the activities of some stockbroking firms following formal complaints the commission had received against them.
Gwarzo added that if the firms were found guilty at the end of investigations, they would be sanctioned like the 22 firms that were punished recently by the apex regulator.
Similarly, the Speaker of the House of Representatives, Mr. Yakubu Dogara, has called for stiffer penalties against fraudulent operators in the market.
Dogara noted that tightening regulations in the stock market would ensure that people’s investments were protected from fraudulent operators.
According to him, the call became imperative in view of the fact that Nigeria was in need of investors who would bring in their resources to diversify the country’s sources of income.
“I strongly believe that the Capital Market is a major tool for wealth creation and mobilisation of funds to grow and diversify the Nigerian economy. I want to emphasise that any proposed legislation must find a way to protect ordinary Nigerians, some of who have invested their life savings in the market, from fraudulent market players,’’ he said.
The speaker pointed out that several Nigerians now had tales of woes to tell, having fallen victims to the irresponsible activities of some unscrupulous stakeholders in the market.
“The recent regulatory sanctions on some stock brokers and market players are therefore a step in the right direction,’’ Dogara added.