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Published On: Mon, Apr 23rd, 2018

SEC warns against virtual currencies

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SECFrom Ngozi Onyeakusi, Lagos

The Securities and Exchange Commission (SEC) has warned Nigerians against investing in virtual currencies.
The Ag Director General, SEC, Mary Uduk sounded the warning while briefing the media on the outcome of 2018 first Capital Market Committee (CMC) meeting held in Lagos.
According to her , dealers and investors in any kind of virtual currencies in Nigeria are not protected by law. “People have lose a lot of money to virtual currencies and will continue to lose if not properly educated. She therefore urged the press to assist in public enlightenment.
Speaking further, she raised concern over the way many big quoted companies were delisting from the nation’s bourse.
“During the meeting, the issue of increase in delistings by public companies was highlighted. This poses a threat to the growth and development of the market in view of the fact that quite a number of them are highly capitalized companies. We are expecting the committee on listings would come up with strategies to attract new listings”, she said.
On the electronic annual report and accounts, Uduk noted that the distribution of electronic annual accounts of public companies had commenced. “However, we also received feedback on concerns from some Shareholders Associations. The market will deliberate further on the matter while the pilot period of one year would be allowed to go on”, she said.
Shareholders according her complained that some of them living in the rural areas might found it difficult accessing the annual accounts electronically.
On electronic dividend registration, she noted that the deadline for free registration remained 31st March, 2018, though assured that those who were yet to register should do so adding that they wouldn’t be asked to pay at point of registration but their accounts would be debited later with N150.

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