Protect your investments, SEC urges army officers
The Securities and Exchange Commission has urged officers and men of the Nigerian Army, who have invested in the capital market to explore all available channels to protect their investments.
The acting Director General, SEC, Ms. Mary Uduk, gave the advice during a visit to the 9 Brigade Nigerian Army in Ikeja, Lagos, on Thursday.
Uduk, who was represented by the Head, Lagos Zonal Office, SEC, Mr Stephen Falomo, said the commission had various mechanisms in place to protect investors.
According to him, the mechanisms include e-dividend, direct cash settlement, regularisation of multiple subscription and transmission of shares.
“These are all put in place to boost investors’ confidence. Investors are also protected through the National Investors Protection Fund Risk-Based supervision that enables SEC to supervise the operators to ensure that they do not do what they are not supposed to do,” she said.
Uduk said the commission also rolled out a complaints management framework, which, according to her, enables investors to know where to complain to and how long it takes for such complaints to be resolved.
She said, “For the investors that are averse to risk, they should get their financial advisers to advise them properly on where to invest.
“We also advise investors to take ownership of their investments. They have to be able to monitor their investments, attend annual general meetings as well as read the annual reports sent out to them.”
According to Uduk, the SEC is committed to protecting investors and will keep working on its rules and the possibility of amending them when the need arises.
She said, “We want more transparency in the market so that investors will feel comfortable and the market can be better. Several opportunities are available in the capital market. This is against previous enlightenment we did with the ordinance corps recently, which was very successful.
“We want to let you know the opportunities that your officers and men can get in the capital market, and for those already investing, we want to tell them how they can protect their investments.”
The Commander, 9 Brigade Nigerian Army, Brigadier-General Musa Etsu-Ndagi, said the brigade was willing to collaborate with SEC in a bid to enlighten more officers on the investment opportunities available in the capital market.
“We are ready to key into the opportunities available in the capital market because we believe it will assist us in investing wisely so that we can get the benefits of our investments while working and even when we retire,” he added.