SEC raises alarm over unregistered online platforms

Securities and Exchange Commission (SEC) has warned the investing public to be wary of unregistered online investment and trading platforms facilitating access to trading in securities listed in foreign markets.

In a circular to Capital Market Operators issued on Thursday, SEC said its attention had 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 Capital Market Operators (CMOs) registered with the Commission.”

According to the commission, by the provisions of Sections 67-70 of the Investments and Securities Act (ISA), 2007 and Rules 414 & 415 of the SEC Rules and Regulations, only foreign securities listed on any exchange registered in Nigeria may be issued, sold or offered for sale or subscription to the Nigerian public.

Accordingly, the SEC notified CMOs who work in concert with the referenced online platforms of the commission’s position and advised them to desist henceforth.

“The commission enjoins the investing public to seek clarification as may be required via its established channels of communication on investment products advertised through conventional or online mediums.”

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