Speaking at the post-CMC virtual press briefing, Mr. Lamido Yuguda, Chief Executive Officer of the SEC, noted that CMOs’ level of compliance with the update is low.
He revealed that as of April 8, there were still over four million accounts with incomplete KYC information.
Yuguda said the update is key to deepening retail investor participation in the market.
“We ask all marketing managers to give it the highest level of priority.
“Similarly, registered CMOs are advised to refrain from providing any form of support to unregistered entities operating illegally in our market, as such action would not be tolerated.
“In addition, we urge CMOs to improve their level of compliance, the speed and accuracy of disclosures and other statements made to the commission,” he said.
Yuguda also informed the financial market community that the Nigerian Stock Exchange (NSE) has completed the demutualization process.
The CEO said that as part of the measures to support the development of the commodity ecosystem, the Central Bank of Nigeria (CBN) has revalidated its 59.9% stake in the Nigerian Commodities Exchange (NCX) to ensure its proper positioning for efficiency.
He said the move resolved the funding problem plaguing the NCX and that several engagements were underway with the relevant authorities to promote trading on the Exchange.
Yuguda explained that the SEC is also working with the CBN to encourage banks to accept warehouse receipts as collateral. (NOPE)
Short Link: https://wp.me/pcj2iU-3yQv
- SEC bans unregistered CMOs from operations May 31
- INEC creates additional 4,861 PUs in Lagos
- NAPTIP rescues 52 victims, arrests 4 suspected human traffickers in Kano
- SPDC’s pipeline spills 276 barrels of crude in April – Report
- Gov. Emmanuel donates N60m to families of slain policemen
- Maize farmers promise high produce, urge FG to sustain import ban
- We don’t need war in Nigeria — Ooni of Ife
- LASG to partner German firm on agribusiness
- Kano Govt to inaugurate waste recycling project, create 4,000 jobs –official