By Chinwendu Obienyi
The Securities and Exchange Commission (SEC) says it is working with the National Assembly on the review of the Investment and Securities Act (ISA) to ensure its revision and enactment into law possibly by end of 2022.
This was even as the Commission reiterated its commitment to stem the rising tide of Ponzi schemes in the country.
Its Director General, Lamido Yuguda, stated this in a virtual meeting in Lagos while fielding questions from newsmen on the outcome of the Capital Market Committee (CMC) 2022 meeting.
Yuguda noted that the ISA has passed the second reading at the House of Representatives and that with the House currently in recess, processes required to be done in terms of public hearing and other things will actually be done quite quickly.
“We appreciate the support of relevant committees of the National Assembly and the entire leadership in this process and we expect to have the ISA revised and enacted into the new law possibly by the end of this year”, he said.
He noted that the commission has been fighting a serious war against Ponzi schemes and added that investors should only deal with registered operators that have the registration of the Commission.
His words, “We have their list on the SEC website and we have always said that if you go to an operator or when an operator approaches you, you must confirm that he is a licensed operator with the SEC. We have our numbers on how to reach our offices in the zones and we have done a lot of…
