Subscribe
AEC Quarterly
No Result
View All Result
  • Big Story
  • Opinion
  • Energy
  • Interviews
  • Africa
  • Investment
  • Big Story
  • Opinion
  • Energy
  • Interviews
  • Africa
  • Investment
No Result
View All Result
AEC Quarterly
No Result
View All Result

Nigeria’s SEC declares trading of unregistered investment securities illegal.

2 years ago
Reading Time: 1 min read
SEC bans trading of unregistered securities via investment tech platforms

SEC bans trading of unregistered securities via investment tech platforms

On Thursday, April 8, Nigeria’s capital market regulator, the Securities and Exchange Commission (SEC) released a circular declaring fintech startups that allow Nigerians to invest and trade in ‘unregistered’ stocks listed on the Nigerian and foreign stock exchanges illegal.

This new ban is a regulatory threat on online investment platforms such as Trove, Bamboo and RiseVest prohibiting them from trading foreign securities not registered din the country.

The circular stated: “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.

Related articles

Cholera Outbreak hits 23 states in Nigeria

Guinean President Alpha Condé deposed in military coup

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.“

Tags: AfricaFintechNigeria
Share122Tweet77Share31
Previous Post

Rare blood clots might be linked to AstraZeneca Vaccine. says WHO

Next Post

Egyptian Archaeologists uncover 3,000 year-old ‘lost golden’ city

Related Posts

cholera outbreak in Nigeria
Africa

Cholera Outbreak hits 23 states in Nigeria

September 7, 2021
President Alpha Condé
Africa

Guinean President Alpha Condé deposed in military coup

September 6, 2021
First malaria vaccine rollout commences in Africa
Africa

Groundbreaking Malaria Vaccine is ready for use

September 3, 2021
Zamfara kidnapping crisis
Latest News

Zamfara shuts down schools completely after mass abduction of students

September 3, 2021
Vaccination in Uganda
Covid-19

State of COVID-19 in Uganda

August 30, 2021
South Sudan President and rival
Africa

South Sudan Leaders propose merge of Rival Armed Forces

August 30, 2021

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Popular Post

  • 5 Young African Entrepreneurs to look out for in 2021

    5 Young African Entrepreneurs to look out for in 2021

    317 shares
    Share 127 Tweet 79
  • Meet Cira-O3, Egypt’s COVID-19 Robot Nurse

    313 shares
    Share 125 Tweet 78
  • Winning in the African Oil and Gas Industry

    312 shares
    Share 125 Tweet 78
  • Africa claims Top 3 spots for the Highest Concentration of Women Entrepreneurs in the World

    312 shares
    Share 125 Tweet 78
  • Assessing Africa’s Digital Response Strategy to COVID-19

    311 shares
    Share 124 Tweet 78

Recommended

PUMA terminates $2.7 million contract with AFN

PUMA terminates N1 Billion Contract with Athletics Federation of Nigeria

August 9, 2021
Expo Dubai 2020

Kenya explores New Investment Opportunities in Expo Dubai 2020

July 13, 2021

Sign Up For AEC Quarterly Newsletter

Get our most compelling stories delivered straight to your inbox.

AEC Quarterly

AEC Quarterly is a great read for investors looking for new opportunities with articles and reports exploring growth, creativity and entrepreneurial spirit.

  • Big Story
  • Africa
  • Opinion
  • Energy
  • Finance
  • Interviews
  • Home
  • About
  • Contact
  • Get Featured in AEC Quarterly Magazine

© 2020 AEC Quarterly. All Rights Reserved. Use of this site constitutes acceptance of our, Terms of Use and Privacy Policy.

No Result
View All Result
  • Big Story
  • Opinion
  • Energy
  • Interviews
  • Africa
  • Investment

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

Go to mobile version