Protect Your Investments – SEC Tells Nigerian Soldiers
BY CHINYERE OBIORA, LAGOS – The Securities and Exchange Commission (SEC) has charged officers and men of the Nigerian army investing in the capital market to explore all available legal channels to protect and safeguard their investments.
Acting Director General of SEC, Ms Mary Uduk said active participation and watchfulness on the part of shareholders will continuously promote transparency, accountability and profitability in the nation’s capital market.
She said shareholders are being encouraged to be more interested in their companies and general market activities because the Commission is desirous of “more transparency in the market so that investors will feel comfortable and the market can be better.”
Speaking during a visit to the 9 Brigade of Nigerian Army in Lagos, the SEC boss said the Commission has various mechanisms in place to protect investors and their portfolios in the market.
Uduk, represented by Head, Lagos Zonal office of SEC, Mr Stephen Falomo said some of these mechanism include: e-dividend, Direct Cash Settlement, Regularisation of Multiple Subscription, and Transmission of shares among others.
“All these are put in place to boost investors’ confidence. Investors are also protected through the National Investors Protection Fund (NIPF) Risk Based supervision that enables the SEC to supervise the operators to ensure that they do not do what they are not supposed to do”, she said
According to her, the Commission has also rolled out a Complaints Management Framework that enables investors to know where they can lodge their complaints and how long it takes for such complaints to be resolved.
“For those of 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 (AGMs) as well as read the annual reports sent out to them”, the Director General said
She said aside its commitment to protect investors, SEC will keep working on its rules and the possibility of amending them when the need arises, adding; “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 Director General added.
In his remarks, Commander 9 Brigade Nigerian Army, Brigadier General Musa Etsu-Ndagi said the Brigade is willing to collaborate with SEC to enlighten more officers and men on investment opportunities available in the capital market.
He said the Chief of Army Staff supports such steps and that is why before now he has gone ahead to encourage some investment opportunities which officers and men are already partaking in.
“We are ready to key into the opportunities available in the capital market because we believe it will assist us invest wisely so that we can get the benefits of our investments while working and even when we retire,” the army General assured.
