SEC On Proliferation Of Unregistered Online Investment And Trading Platforms - Investment

SEC On Proliferation Of Unregistered Online Investment And Trading Platforms - Investment - Nairaland

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SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by lalasticlala(mod): 8:35pm On Apr 08, 2021

SEC NIGERIA

Proliferation of Unregistered Online Investment and Trading Platforms Facilitating Access to Trading in Securities Listed in Foreign Markets

08/04/2021.

The attention of the Securities and Exchange Commission (the Commission) has 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. The Commission categorically states that 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, CMOs who work in concert with the referenced online platforms are hereby notified of the Commission's position and advised 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.

Signed Management

studentofTruth:
It's a pity that some people think that the NSEC is addressing Ponzi scheme platforms with this statement.

Actually, in this statement, NSEC is attacking the likes of Trove, Bamboo, and Chaka, which are platforms one can use to invest in foreign stocks from Nigeria.

It seems these big boys that have rendered the NSE a pump and dump exchange are pressuring NSEC to prevent Nigerians from investing in foreign stocks so that they will have no option than to bring their money to the NSE, offering them more money for their schemes. They have noticed that Nigerians are leaving their fraud-laden NSE for them.

You see why I need to leave this country that is always trying to cage us.

25 Likes 3 Shares

Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by Ekejoestar(m): 8:36pm On Apr 08, 2021

This is something that should have been regulated or notice issued against them when they were still starting but they SEC didn't do the needful since and its now that they are issuing statements upandan.... I hope they get this situation under control.

Btw....I heard there's a gift for those that made FTC....Pls oooo make una gimme my own

13 Likes

Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by lkillbrokehoes: 8:37pm On Apr 08, 2021*

Honestly anyone that still falls for pyramid schemes or any other money doubling investment should have him/herself to blame, the thing is that Nigerians are naturally gullible and greedy, they want to make quick money that's why they fall into this kind of scams and SEC isn't doing the right thing to curb these fraudsters.

27 Likes 1 Share

Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by macroinvestment: 8:38pm On Apr 08, 2021

Make somebody explain...Some of us nor understand

5 Likes

Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by The5DME(m): 8:38pm On Apr 08, 2021

lkillbrokehoes:
Nice one from sec

no let me regret why I follow you ooh.... Comment reasonable things na

45 Likes 2 Shares

Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by GreaterFuture3: 8:39pm On Apr 08, 2021

Hmmn...

Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by sammyj: 8:39pm On Apr 08, 2021

Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by Nmezor(f): 8:39pm On Apr 08, 2021

Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by inoki247: 8:39pm On Apr 08, 2021

Dem Rasterli nd co

5 Likes 1 Share

Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by The5DME(m): 8:39pm On Apr 08, 2021

I don't care.

Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by cashlurd(m): 8:39pm On Apr 08, 2021

SEC should be bold enough to call their names! They should stop generalizing these issues. There is no information passed here. Just a normal memo m

59 Likes 4 Shares

Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by Kingrefreshed: 8:40pm On Apr 08, 2021

lalasticlala:
SEC NIGERIA

Proliferation of Unregistered Online Investment and Trading Platforms Facilitating Access to Trading in Securities Listed in Foreign Markets

08/04/2021.

The attention of the Securities and Exchange Commission (the Commission) has 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. The Commission categorically states that 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, CMOs who work in concert with the referenced online platforms are hereby notified of the Commission's position and advised 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.

Signed Management

Next news Abeg!

Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by 175(m): 8:40pm On Apr 08, 2021*

Lol

Make una remember tell SEC say APC get Zombie online trading platform too. . .and I guess it's unregistered.

One APC state with enough zombies can easily trade them off to the nearest state in need of propaganda.

Them full here. . . .NL.

1 Like

Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by addexx: 8:41pm On Apr 08, 2021

Racksterlians won't like this. cheesy

7 Likes

Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by JubrinElSudan: 8:42pm On Apr 08, 2021

No matter how good a trader is, once he starts collecting money from investors to trade and pay them percentage , he will really crash. We dey solve one matter like that for one WhatsApp group. All of a sudden Oga send investors sms say CBN ban on crypto-related bank transactions go affect payment for that month, na from one police case to another he dey enter from investors wey invest millions millions with am. If you Sabi trade forex, just trade on your own with your own money, if you make $10k , you know say na your money, no pressure whatsoever

74 Likes 8 Shares

Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by Nobody: 8:42pm On Apr 08, 2021

Weytin I find come this thread sef grin

Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by channelstravel: 8:43pm On Apr 08, 2021

Racksterli them grin

Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by lkillbrokehoes: 8:43pm On Apr 08, 2021

The5DME:
no let me regret why I follow you ooh.... Comment reasonable things na

You better unfollow me if you don't like my comments, I'm here to have fun not forming Mr serious.

1 Like

Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by PAWG(m): 8:44pm On Apr 08, 2021

Nigerians, we no dey ever learn

2 Likes

Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by Vaughanlanrewaj: 8:45pm On Apr 08, 2021*

From CBN now to SEC.FG and our agencies now seriously monitoring funds. These mobile apps for trading in foreign listed stocks were initiated by some brilliant Nigerian entrepreneurs but as time went by, they may have been hijacked by money launderers and those funding terrorists.
Our regulators should please be proactive instead of being reactionary although it is better late than never. visit www freestuffsng.com for latest freestuffs in Nigeria. God bless Nigeria.

4 Likes 3 Shares

Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by iamyemiakins(m): 8:45pm On Apr 08, 2021

Investments everywhere grin

Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by Mokason288(m): 8:46pm On Apr 08, 2021

PAWG:
Nigerians, we no dey ever learn

Why are they just warning us now

So many Nigerians have already lost millions

I’m suspecting a foul play from SEC

2 Likes 1 Share

Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by corperscorner: 8:47pm On Apr 08, 2021

RACKSTERLI

grin

1 Like 1 Share

Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by Alejoas(m): 8:47pm On Apr 08, 2021

Soft work

Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by Administration1: 8:48pm On Apr 08, 2021

Any one that still falls a victim to these greedy mofos is nothing butta fool. Fromm mmm, to twinkas to blue key to mba forex to etc add your own.
A man in the cac office has even started another one, he just registered his company with 4 persons he paid 10k each to.
Like he intends to rob people of thier hard earned money, and when it backfires, the company directors will be held responsible while he goes scot free.

3 Likes 1 Share

Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by Nobody: 8:48pm On Apr 08, 2021

This is a symptom of the wider unemployment issue in Nigeria under this clueless administration. People are literally trying to survive on their own. What do they expect?

9 Likes 2 Shares

Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by chrisxxx(m): 8:48pm On Apr 08, 2021

I wish I listened when they warned against MBA.

15 Likes

Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by unitysheart(m): 8:48pm On Apr 08, 2021

Long overdue.

Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by Keyin: 8:48pm On Apr 08, 2021

SEC is not proactive in their financial regulations. I lost millions of naira when they closed down Tine Investment without ensuring that investors get at least their initial capital back.

3 Likes

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