SEC threatens lawsuits against operators of unregistered crowdfunding platforms – WorldStage
WorldStage Newsonline– As part of efforts to stem the tide of activity from unregistered crowdfunding platforms, the Securities and Exchange Commission (SEC) has warned operators of such platforms that they risk being sued.
Mr. Lamido Yuguda, Managing Director of the SEC, told a post-Capital Markets Committee (CMC) press conference in Abuja that the committee had secured donor funding to acquire and deploy a market surveillance system. securities market.
According to him, the surveillance system will improve the commission’s regulatory and supervisory capabilities over securities trading activities.
On unclaimed dividends, the SEC boss said the Commission would sanction stakeholders whose actions interfere with its efforts to cut the volume.
According to him, despite the commission’s efforts to ensure the electronic dividend mandate management system (e-DMMS), investors continued to complain about the delay in paying their electronic dividends.
He said many investors have not yet mandated their account to be able to receive their dividends.
Yuguda said unclaimed dividends in 2021 amounted to N177 billion, which was higher than the 2020 figure of N168 billion.
“Capital market operators must also do more to demonstrate, through their activities, an effective capital market system that puts the interests of investors first.
He said the commission would continue to engage the Standards Organization of Nigeria (SON) to deepen the commodity ecosystem.
Yuguda said the commission has continued to engage with the Ministry of Finance, Budget and National Planning on the request for tax exemption for corporate bonds.