SEC dismisses MBA Capital’s registration rumour

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The Securities and Exchange Commission (SEC) has dispelled insinuations in some quarters that MBA Capital and Trading Limited is now a registered capital market operator with the Commission.

 This was contained in a statement by SEC management in Abuja on Monday.

The commission noted that its attention was drawn to a publication in one of the national newspapers, in which a victim of an alleged scam perpetrated by MBA Capital and Trading Limited, Misan Sagay, reportedly stated that he had verified online and ascertained that the company was registered with the SEC.

“The Commission wishes to inform the general public that MBA Capital and Trading Limited has never been registered by the Commission. The Commission also uses this medium to remind the general public that by virtue of Section 38 (1) of the Investments and Securities Act (ISA) 2007, only persons and institutions registered with the Commission are permitted to engage in capital market activities”, it said. 

The SEC thereafter urged the investing public to seek clarification as may be required via its established channels of communication on investment products advertised through conventional or online media. 

According to the commission, “a list of registered capital market operators is available on its website”.

Last April, SEC warned Nigerians on the proliferation of unregistered online investment and trading platforms facilitating access to trading in securities listed in foreign markets.

The Commission categorically stated further 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.

SOURCE: THE SUN

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