SEC vows to investigate suspicious transactions

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The Securities and Exchange Commission has assured investors that it would investigate suspicious transactions not allowed in the capital market.

The acting Director-General, SEC, Ms Mary Uduk, urged market operators to make use of the commission’s whistle blowing policy and report any such infractions for immediate actions.

Uduk, who was reacting to questions during the two-day international capital market conference organised in collaboration with the Department of Finance, University of Lagos, lamented that the private placement bubble happened with the connivance of many market operators who encouraged issuers to take advantage of loopholes in the relevant investment laws at the time.

Uduk recalled several efforts and appeals to such issuers to list their shares without success, stressing that market operators encouraged private placements knowing that the law did not allow the SEC to regulate private companies.

She said, “Insider trading is what we have to prove. A lot of us are in the market and we have whistle blowing mechanism. It is the operators who will be in a better position to know and report such infractions.

“For those that have been reported to us, we have been carrying out investigations and once we have evidence we will invite them and also refer them to the relevant authorities.

“With the whistle blowing provision, we have always asked operators in the market to come to our aid if they find any unwholesome activity going on. It is our market and so we all have to do our bit.”

Uduk added that anyone caught engaging in any activity that was against the laid down rules would be made to face the full wrath of the law.


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