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ADVERTISEMENT Nigeria’s Securities and Exchange Commission (SEC) has warned capital market operators to stop giving support to online investment trading platforms providing access to foreign securities in Nigeria. In a statement Thursday, the regulator said those securities were not registered in Nigeria, and platforms providing access to them were acting against the law. It warned capital market operators in partnership with the platforms to desist from providing brokerage services for foreign securities. The apparent move by the SEC to bar fintechs from selling, issuing or offering for sa...

According to the Circular, “ The attention of the SEC has been drawn to the existence of several providers of online investment and trading platforms which purportedly facilitate direct access of the investing public in the Federal Republic of Nigeria to securities of foreign Companies listed on Securities Exchanges registered in other jurisdictions. “These platforms also claim to be operating in partnership with CMOs registered with the Commission,” it said. The Commission categorically stated further that by the provisions of Sections 67-70 of the Investments and Securities Act (ISA),...

By Itohan Abara-Laserian Lagos, April 8, 2021 The Securities and Exchange Commission (SEC) has warned the investing public on the proliferation of unregistered online investment and trading platforms facilitating access to securities trading in foreign markets. This was contained in a circular to the Capital Market Operators (CMOs) issued by the management of the commission made available to newsmen in Abuja on Thursday. According to the Circular, “The attention of the SEC has been drawn to the existence of several providers of online investment and trading platforms which purportedly faci...

Fintech trading platforms like Chaka, Trove, Bamboo, and Risevest that allow Nigerians to invest and trade in stocks listed on the Nigerian and foreign stock exchanges have been declared illegal by the Federal Government. This was made known by the Securities and Exchange Commission (SEC) in a statement issued and seen by Nairametrics on Thursday. It stated, “The attention of the Securities and Exchange Commission (the Commission) has been drawn to the existence of several providers of online investment and trading platforms which purportedly facilitate direct access of the investing publi...

Nigeria’s SEC warns investment platforms to stop trading ‘unregistered’ foreign securities In a circular released by Nigeria’s capital market regulator SEC today, investment platforms providing access to foreign securities might be treading on dangerous grounds. According to the SEC regulations that have just been brought to light, these platforms are trading foreign securities not registered in the country and have been warned to stop doing so. Capital market operators in partnership with them have also been warned to renege on providing brokerage services for foreign securities. Ove...