Latest news with #InvestmentsandSecuritiesAct
Finextra
08-07-2025
- Business
- Finextra
Nigeria's SEC and Quidax team on digital asset education
The Securities and Exchange Commission (SEC) Nigeria, in collaboration with leading digital assets exchange Quidax, hosted an educational series aimed at equipping Nigerian finance professionals with the knowledge and tools needed to navigate the evolving digital assets ecosystem. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. The exclusive two-day event, held at the prestigious Capital Club in Victoria Island, Lagos, convened representatives from commercial banks, asset management firms, pension fund administrators, and securities traders. Some of the participants at the event were from Zenith Bank, ARM, Investment One, FBNQuest, Interswitch, Ecobank, Africa Prudential, Meristem, Wema Bank, Capitafield, Sterling Bank, and several other companies. Driving Adoption Through Education and Regulation Speaking at the event, Abdulrasheed Dan Abu, Head of FinTech and Innovation at the Securities and Exchange Commission, underscored the programme's significance. He stated that the initiative reflects the commission's statutory responsibility not only to regulate the capital market but also to actively develop it. Dan Abu emphasized the integral role of traditional financial institutions in the growth of the digital asset ecosystem. 'The banks hold fiat currency. If they don't understand what is going on, it creates a disconnect in the value chain. The more banks that understand digital assets, the better the playing field for users,' he explained. This educational series builds on a series of significant regulatory milestones in Nigeria's digital finance space. On 29 March 2025, President Bola Tinubu signed into law the Investments and Securities Act (ISA) 2025, which formally classifies cryptocurrencies and other virtual assets as securities, thereby placing them under the SEC's purview. Prior to this, in June 2024, the commission issued rules for Virtual Asset Service Providers, providing crucial regulatory backing to exchanges and other entities operating in the space. Quidax's Pan-African Mission and the Importance of Collaboration Buchi Okoro, Co-founder and Chief Executive Officer of Quidax, highlighted the event's core purpose: supporting adoption by educating both beginners and advanced participants within the financial industry. 'Adoption starts with education. This session caters to people at different knowledge levels, from total beginners to those who have conducted blockchain pilots,' he said. Okoro reiterated Quidax's ambitious Pan-African mission, noting that the exchange already operates in nine countries and plans to expand to all 54 African nations. 'We're solving African problems for Africans, and this event partnership with the SEC helps us do that within regulatory guardrails,' he added. Industry Leaders Endorse the Initiative The event garnered strong support from other key industry players, reinforcing the collaborative spirit essential for digital asset integration. Pascal Maguire, Sales Director for Africa at Fireblocks, stressed the need for such forums: 'We need more finance and payments experts and decision makers to attend such forums as this enables them to see that they have trusted partners in firms like Quidax, Fireblocks, and the SEC who can both educate them and guide them on their adoption and innovation journey.' Ajibade Laolu Adewale, Chairman of the Committee of E-Business Heads in Nigerian Banks and Chief Partnership Officer at Wema Bank, a panelist at the event, highlighted the pressing need for digital assets due to inefficiencies in traditional banking. 'Today, moving money internationally still takes days and depends on informal channels. With blockchain, you can transfer value instantly and securely,' he stated. Attendees also expressed their positive reception. Sunday Joseph Olaniyan, Head of E-Business at Sun Trust Bank, remarked, 'Events like these bring such awareness even closer to us as institutions here in Nigeria and presents us with the opportunity to not be left out of this wave of change. People like myself who have been aware of digital assets are now even more sensitized to the global trend and I sure do not want to be left behind at all.' Adding to the sentiment, Bukola James-Cole, Director of Capital Market at Africa Prudential PLC, spoke about the natural evolution of money. She emphasized, 'Whether we like it or not it will happen so the earlier we start getting educated about digital assets the better for the industry.'
Zawya
01-05-2025
- Business
- Zawya
Nigeria: Shun investment schemes parading only CAC, EFCC certificates — SEC warns
The Director-General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama has warned Nigerians to beware of firms that claim that the registration of their companies with the Corporate Affairs Commission (CAC)and SCUML certificate from the Economic and Financial Crimes Commission (EFCC) have empowered them to operate investment schemes in Nigeria. Agama said this during an interview with journalists on Wednesday at the sidelines of a sensitisation tour against Ponzi scheme held at the Garki Market in Abuja. He said it was disheartening that some Nigerians and foreign companies have specialised in defrauding Nigerians through Ponzi Schemes, adding that the government will no longer sit back and watch billions of naira taken away from the people through ponzi schemes. The SEC DG said it is crucial that Nigerians understand the dangers of putting their hard-earned money into ventures that are not registered or regulated by the SEC. Agama said, 'It is disheartening that some Nigerians and foreign accompanies have specialised in duping Nigerians and govt won't sit and watch Nigerians being duped and this is what SEC is coming out to the people to educate them that if it too good to be true, then watch out. 'We have seen many Ponzi schemes in the past, and the Investments and Securities Act had been signed into law by the President and the law recommends N20m fine and 10 years imprisonment for offenders of Ponzi Scheme. 'So, that has empowered us to be in a better position to flush out all these fraudulent investment schemes that are damaging our economy 'We are using this sensitisation outreach to bring information to our people and that is why we are here and telling them that we are here to assist them to confirm legitimate investment schemes and we are letting them know we feel their pain. 'As we are doing this, we have helped to educate them against being duped. CAC registration and EFCC certificate is not enough to show that the company is registered with SEC and these are red flags. 'Training programmes being organised by these people to lure people into their schemes are also illegal. Verify before you invest in any scheme, and that is our message to Nigerians.' Also speaking to journalists,the Assistant Director, Enforcement Department, SEC, Tope Onwionoko, said the management of the Commission is very passionate about financial literacy, especially with respect to Ponzi schemes that have become a scourge in society of late. She said, ' So, we want everybody to know about it, from the oldest to the youngest, from the rich to the poor. We want the message to go round the entire Nigeria. And as a start off point, management decided that it's a good thing to come to the market, because we know the place the people who trade in the market hold in the economy. 'So, we feel that we should bring this message to them, hoping that they will understand what to look out for, what the red flags are, and by the time we are done, the people that perpetuate Ponzi in Nigeria, they will carry their bags and leave, because it will no longer be business as usual. 'The people who fall victims are usually people who are not knowledgeable about how Ponzi schemes work. So, I think that for the most of them, it is lack of knowledge, essentially. ' And of course, we want to believe that economic hardship has a part to play. But more than anything, is lack of knowledge. Because even if you are hard up for cash in the economy, and there is an opportunity for you to lose the small that you have, you won't go there. 'So I think it's because people don't know what to look out for. They don't know that somebody is attempting to collect what is in their hand. That's why they fall victim.'Show trimmed content. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Zawya
25-04-2025
- Business
- Zawya
SEC urges Nigerians to report suspected illegal investment schemes
The Securities and Exchange Commission (SEC) has urged Nigerians to report any suspected illegal investment schemes to the Commission for proper investigation and necessary action. The Commission issued this notice on Thursday to the investing public, warning that Ponzi investment schemes pose a significant threat to the growth of the capital market. In its latest advisory, the Commission highlighted the increasing risks associated with Ponzi schemes, illegal investment operations, and unregistered digital asset platforms. It explained that fraudulent entities and individuals continue to exploit unsuspecting investors through deceptive promises of high returns, often using digital assets to create a false sense of legitimacy. 'The public is strongly advised to be wary of investment opportunities that promise guaranteed or unusually high returns with little or no risk. 'These include unregistered platforms offering cryptocurrency investments, forex trading, or blockchain-based schemes, which have not undergone the prescribed approval process with the SEC.' 'The SEC reiterates in this regard that 'If it sounds too good to be true, it likely is'.' The Commission urged potential investors to conduct thorough due diligence before investing and to verify the registration status of any company or individual offering investment opportunities through the SEC's website: Additionally, the Commission explained that Section 196(3) of the Investments and Securities Act, 2025 criminalises the promotion and operation of prohibited or unregistered schemes. 'This violation is punishable upon conviction by a fine of not less than N20 million or a prison term of 10 years, or both,' the Commission warned. The SEC reaffirmed its commitment to identifying and prosecuting offenders to the full extent of the law. 'We encourage the public to partner with the SEC to safeguard the integrity of Nigeria's investment environment by promptly reporting suspected illegal investment schemes to the Commission,' the notice concluded. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Zawya
21-04-2025
- Business
- Zawya
Nigeria: SEC to crack down on influencers, bloggers promoting unregistered schemes
The Securities and Exchange Commission (SEC) has warned influencers and bloggers, against promoting unregistered investment schemes. The Commission emphasised that it is working closely with law enforcement agencies, including the Economic and Financial Crimes Commission (EFCC), the Nigerian Police Force, and other relevant government bodies, to investigate and prosecute violators. Director General of the SEC, Dr. Emomotimi Agama, stated that the Investments and Securities Act (ISA) 2025 specifically targets promoters of unregistered schemes, urging celebrities, social media influencers, and bloggers to steer clear of endorsing such ventures to avoid legal consequences. 'The law also targets influencers and bloggers who promote fraudulent schemes, with clear penalties including imprisonment. We are therefore using this medium to warn such persons to desist from promoting unregistered entities,' he said. Agama stated that the SEC is intensifying efforts to combat Ponzi schemes following the enactment of the Investments and Securities Act (ISA) 2025, a landmark law signed by President Bola Tinubu. The new legislation explicitly defines Ponzi schemes and introduces stringent sanctions, including a minimum fine of ₦20 million and a 10-year jail term for promoters of such fraudulent schemes. Dr. Agama emphasized the Commission's capacity and readiness to tackle Ponzi schemes, stating, 'SEC is capable, has the capacity, has the knowhow and of course will be able to deal with anyone caught in this mess'. He highlighted that the SEC has dealt with similar schemes before and will continue to do so, leveraging the new powers granted by ISA 2025 to protect investors and develop the market. 'The recent collapse of CBEX, a digital investment platform accused of defrauding Nigerians of over ₦1.3 trillion, has underscored the urgency of this crackdown. CBEX promised unrealistic returns, doubling investments within a month, and deceived many with false claims of global affiliations,' he noted. Dr. Agama said, 'We will shut down their operations and the promoters will be made to face the full weight of the law'. He said the ISA 2025 also brings digital assets under the SEC's regulatory umbrella for the first time, recognizing virtual assets as securities. This inclusion, Agama said, means that Virtual Asset Service Providers and Digital Asset Exchanges must register with the SEC and comply with regulations, closing previous legal gaps exploited by fraudulent operators. According to him, 'Education is a key pillar in the SEC's strategy. The Commission has launched podcasts, social media campaigns, and is integrating capital market education into schools and universities. 'We have launched a podcast where we educate and enlighten Nigerians on the dangers of investing in unregistered schemes'. The SEC also urged Nigerians to verify any investment opportunity with the Commission before committing funds, warning that once it is too good to be true it certainly is not true'. The SEC DG emphasised that the Commission remains committed to protecting investors in line with its twin objectives of investor protection and market development and urged Nigerians to be cautious, consult professionals before investing, and to avoid schemes promising unrealistic returns. 'The SEC has also established departments for monitoring market activities and conducting inspections to detect irregularities early. We have a monitoring department, we also do onsite inspections, once we hear anything we do something. These proactive measures aim to prevent the recurrence of massive frauds like CBEX. 'The Commission is focused on democratizing wealth through a safe and transparent capital market. We are committed to providing a safe investment environment, the capital market helps you to democratize wealth for everybody. The ISA 2025 thus represents a significant step forward in protecting Nigerian investors and fostering a resilient financial market', he added. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
BBC News
15-04-2025
- Business
- BBC News
Nigerians para afta losing money to CBEX, angry youths for Ibadan loot office
Nigerians on social media dey para say dem lose money ontop digital asset trading platform, CBEX. Dose wey invest ontop di platform say dem no fit withdraw dia money for some days as withdrawal dey suspended. Afta di withdrawal suspension, investors begin say dia account balance don enta zero. CBEX investment dey promise 100 percent return on investment for investors for one month and dis na why pipo bin rush am. Oda Nigerians on social media say anyone wey put money for such investment na greedy pesin and wonder why Nigerians go dey fall for such scam afta MMM wey crash some years ago. Bifor di crash, pipo wey bin dey invest ontop di platform dey spread di message about di investment on social media platforms and WhatsApp so odas fit join. Angry youths for Ibadan loot CBEX office A group of angry youths bin storm CBEX office for Oke Ado area of Ibadan, di Oyo State capital, to loot items afta di crash of CBEX. For one video wey circulate on social media, di youths carry items wey include air conditioner, fan and oda valuables. Di angry youths also comot CBEX office glasses. SEC warn Nigerians against unregistered digital asset exchanges Meanwhile, di Securities and Exchange Commission (SEC) don warn Nigerians against unregistered trading platforms. According to SEC, di newly enacted Investments and Securities Act, 2025 (ISA 2025) make am illegal to operate digital asset exchanges or online foreign exchange trading platforms witout formal registration wit di commission. For one statement on Sunday, di SEC say in accordance wit di ISA 2025 wey President Bola Tinubu recently sign, na offence for any entity to operate online forex trading platform or provide related services witout prior registration wit di commission. "By virtue of dis Act, na offence for Nigeria for any entity wey no dey registered by di commission to carry out di business of online foreign exchange trading platforms or related services. "Any business entity wit di plan of setting up a business for any of dis area dey advised to visit di HOD DRM Department of di commission for further directive on how to register wit di commission to avoid sanctions," di statement tok. "Under di newly enacted legislation, di Securities and Exchange Commission (SEC) now dey empowered to regulate a broader scope of market activities as Section 3(3)(b) of di Act explicitly mandate di commission to "register and regulate securities exchanges, commodity exchanges, virtual and digital asset exchanges, and oda market venues."
