• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Tuesday, September 2, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

SEC To Introduce USSD Codes For Verifying Capital Market Operators

by Mark Itsibor
1 month ago
in Business
sec
Share on WhatsAppShare on FacebookShare on XTelegram

The Securities and Exchange Commission is set to introduce an Unstructured Supplementary Service Data (USSD) code for verification of capital market operators.

Advertisement

SEC said the move is part of its commitment to combat unregistered operators and stem the tide of Ponzi scheme activities in Nigeria,

Director general of SEC, Dr. Emomotimi Agama, who made this known, noted that the code would be unveiled at the next Capital Market Committee Meeting scheduled for this quarter.

According to Agama, “We are introducing the code system that will allow mobile phone users to verify a capital market operator using USSD codes. They do not require internet connection to be able to do this, which means any Nigerians that has a mobile phone will be able to perform this function.

If anyone comes to you claiming what they are not, all you need to do is check with the code to know the status of their registration. That will be launched at the next Capital Market Committee Meeting”.

RELATED

Equities Edge Higher As Investors Reap N513bn In 3-day Trading

Coronation Lists N8.79bn Infrastructure Fund On NGX

3 hours ago
DMO To Raise N1.2trn Through Bonds In 3 Months

Analysts Advise FG On Risk Mgt As New MTDS Raises Borrowing Limits

3 hours ago
ADVERTISEMENT

Agama disclosed that the commission is putting all hands-on deck to deal with the malaise of unregistered and prohibited operators and schemes because it has a national responsibility to educate people, to develop the market and to get people to understand that wealth can be made legitimately via legitimate means.

“The essence of regulation for us at the SEC is wealth redistribution and how do we do that? We do that by sensitising people that they can actually make money through legitimate processes like public offerings, Collective Investment Schemes and other structured products that allow Nigerians to invest into areas that are properly regulated and monitored for them to be able to have a return that is commensurate with what they have put in.

“We are working with the Nigerian Educational Research and Development Council to be able to infuse capital market education from the cradle and also working with consultants to introduce games in financial education. It is something that we must all set out to do. We are also collaborating with other institutions and government agencies to ensure that we are able to enlighten Nigerians about the need to make the right choices and investments.

ADVERTISEMENT

The SEC DG emphasised that registration with the Corporate Affairs Commission does not qualify an entity to be an investment company or carry out investment activities, adding that such an entity can only be qualified to be an investment company if they explicitly receive the registration of the SEC.

“The first thing you ask anyone that comes to speak to you on money matters, ask them the relevant questions on registration with the SEC. We have stockbrokers, registered accountants, registered solicitors etc all of whom are registered by the SEC to provide that advice that you need. We have agents who we call sponsored individuals that can provide this information to those that are interested. Investment inclusion is the end game.

Agama disclosed that the recently signed ISA 2025 was particular about Ponzi schemes as it was termed prohibited schemes, which means it goes beyond the normal Ponzi schemes to all other such crimes that people commit.

He said: “You can see the passion of Mr. President in swiftly signing the Act, he did it in record time within one week. That is because he is particular about the welfare of Nigerians. In that Act, if anyone is caught, they are to pay N20 million in the first instance meaning it can go up to as much as N1 billion, then they are going to be in prison for 10 years. There is no law in Nigeria that has taken such strict sanctions on Ponzi schemes and its promoters.

“We now have powers to deal with influencers and celebrities that bring these up in the air and promote these Ponzi scheme operators. The SEC is leaving no stone unturned in ensuring that Nigerians have the right information to enable them make wise investment decisions”.

The SEC boss therefore reiterated the Commission’s earlier warnings to the public to desist from engaging in Ponzi or unregistered investment schemes that promise guaranteed or exaggerated returns. These schemes are not registered with the SEC and do not offer investor protection under the law.

He encouraged investors to conduct due diligence and verify the registration status of any investment firm or product by visiting the SEC website or contacting the Commission directly through official channels adding that the Commission remains committed to its mandate of protecting investors, ensuring fair practices, and maintaining confidence in Nigeria’s capital market.


Join Our WhatsApp Channel



Tags: Securities and Exchange Commission (SEC)
SendShare10170Tweet6357Share
ADVERTISEMENT
Previous Post

Homegrown Innovation To Strengthen Indigenous Economy – Manufacturers

Next Post

Wema Bank Gets Best Digital Bank In Nigeria Award

Mark Itsibor

Mark Itsibor

Mark Itsibor is a journalist and communication specialist with 10 years of experience, He is currently Chief Correspondent at LEADERSHIP Media Group and writes on Finance, Economy, Politics, Crime, and Judiciary. He has a B.Sc in Political Science, Post Graduate Diploma in Journalism (Print), and B.A in Development Communication. His Twitter handle is @Itsibor_M

You May Like

Equities Edge Higher As Investors Reap N513bn In 3-day Trading
Business

Coronation Lists N8.79bn Infrastructure Fund On NGX

2025/09/02
DMO To Raise N1.2trn Through Bonds In 3 Months
Business

Analysts Advise FG On Risk Mgt As New MTDS Raises Borrowing Limits

2025/09/02
External Reserves Decline $3.5bn In 6 Months
Business

Naira Firms To N1,526.09 As Dollar Weakens In Global Market

2025/09/02
Keystone Bank Partners LCCI To Launch MSME Mini Business Boot Camp
Business

Keystone Bank Partners LCCI To Launch MSME Mini Business Boot Camp

2025/09/01
Union Bank
Business

Union Bank, Titan Trust Merger Gets CBN Nod

2025/09/01
Afrique Mommies Award 2025 To Honour Service, Culture Icons
Business

Afrique Mommies Award 2025 To Honour Service, Culture Icons

2025/09/01
Leadership Conference advertisement

LATEST

Remi Tinubu Wants Her Birthday Gifts Turned Into Funds For National Library Project Completion

Revamp Old Images With Advanced Retouch Features In Online Photo Editor

Uncertainty Over Skit Maker Sanku’s Fate After Auto Crash

Gov Dauda Lawal @ 60: Where There’s A Will, There’s A Way

Tinubu Hails Shettima At 59, Says Deputy’s Loyalty Unshaken

Coronation Lists N8.79bn Infrastructure Fund On NGX

Analysts Advise FG On Risk Mgt As New MTDS Raises Borrowing Limits

FAAC Allocation Inflows, OMO Maturities Lift System Liquidity To N1trn

Kumo Hospital Now Federal Medical Centre As FG, Gombe Sign Deal

FG Targets 44m Nigerians For Health Insurance

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.