SEC Declares Zero Tolerance For Infractions

Director general of the Securities and Commission Emomotimi Agama has said his administration will not tolerate infractions in the Nigerian capital market with a vow to ensure that anyone that violates the rules of the game will be brought to justice.

“There will be sanctions, no matter whose ox is gored,” the SEC DG told capital market players on Monday at the launch of Norrenberger Asset Management Limited in Abuja.

This was as the group managing director of Norrenberger, Tony Edeh said his company was venturing into the assets management segment of the capital market to create the excitement and optimisation needed for the market to be scintillated. “We came into this space from the beginning, initially, with a clear-cut strategy – a clear-cut strategy of innovation – a clear-cut strategy of rethinking the business model. And that was what we did. And that was what we implemented.

Dr Agama said his administration intends to create an investment climate that will encourage everyone to be part of it. For him, the aim is for Nigeria to have an investment climate that will encourage trust, confidence, and transparency. That does not come in a day. It comes with hard work and a commitment.

“And that commitment, we at the SEC always show. So we strongly believe that we’ll encourage people, we’ll educate them more this year, we’ll get people to understand exactly what the capital market is, even the citizens. Financial education is a priority for us this year,” he stated, adding that “As much as we educate people to know, we also will not tolerate any form of infraction or violation of the rules and regulations that govern those markets. We believe strongly that the market has so much to give. I said earlier it’s the salt of the Nigerian economy.”

Meanwhile, the SEC DG has also said the capital market is buoyant enough to raise funding for federal government deficits – no matter the size, rebuking concerns that the federal government was crowding out the private sector with its continued borrowing from the domestic market. “The government will not crowd out the private sector because what we said just now, N2.2 trillion was raised from the market for the private sector. N3 trillion has been raised in collective investment schemes. The private sector needs not to run away. They should come and test it. As a message back to the people that told you that the government is not crowding out the private sector,” he stated.

Managing director of Norrenberger Pabina Yinkere said the firm is entering into the asset management sub-sector with innovative and purposeful products to meet the specific needs of its diverse customer base. The MD also revealed that apart from Abuja which would serve as the operational head office of the company, plans are being concluded to have a strategic office in Kano State to serve the large population there.

“So, today, some people think that investment management is only for the wealthy.

We have come to say, no. Investment management is for everybody,” Yinkere stated, adding “We have specific products like Norren Halal. So, what that business is supposed to do, it’s supposed to bring financial services, financial intermediation to the people who want to invest in line with their faith.”