Securities and Exchange Commission (SEC), the regulatory body in charge of Nigeria's capital market, has shut and sealed the offices
of Royal Benchmark Limited, an Ibadan-based unlicensed and
illegal capital market operator.
The closure, was in
furtherance to its investor protection mandate as enshrined in the ISA
2007 and in further demonstration of its avowed commitment to a zero
tolerance policy for improper behaviour in the Nigerian Capital Market,
the Communications Adviser to the SEC Director General, Mr Obi Adindu,
stated yesterday.
SEC recently carried out similar actions simultaneously in Port Harcourt and Sokoto.
The DG of SEC said the commission is sending a strong message to illegal fund managers across Nigeria.
She said: “This string of closures by the commission should send a strong,
unequivocal message to illegal fund managers and sundry perpetrators of
indiscipline and malfeasance in the capital markets that it is time they
sought worthier endeavour. Illegal entities erode the integrity stock
in our markets in addition to introducing hapless investor public to the
agony of loss of value. The SEC frowns severely at their existence.”
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