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SEC ban on fintech from trading foreign stocks on their platforms

The Securities and Exchange Commission (SEC) of Nigeria is the country’s top financial regulator, overseen by the Federal Ministry of Finance.

The Commission has evolved over time, beginning with the government’s formation of the Capital Issues Committee as a vital arm of the Central Bank of Nigeria in 1962. With the promulgation of SEC Decree No. 71 of 1979, this wholly ad hoc, non-statutory body later metamorphosed into the SEC in 1979, following a comprehensive study of the Nigerian financial sector. Following a series of evaluations of the previous legislation, the Investments and Securities Act (ISA) No 45 of 1999 was enacted. The ISA No. 45 of 1999 was abolished when the ISA No. 29 of 2007 was enacted, giving the Commission its current authority.

The Nigerian Securities and Exchange Commission (SEC) was given new powers, as well as the twin responsibility of:

  • Regulation of the capital market to safeguard investors; and development of the capital market to improve its allocative efficiency and prepare the way for a private-sector-led economy.
  • The Act also establishes a nine-member commission board, which includes the Chairman, Director General, three Executive Commissioners, two Non-Executive Commissioners, and representatives from the Federal Ministry of Finance and the Central Bank of Nigeria.

It is possible to invest in international equities from Nigeria through the use of these online investment platforms. Nigerians have been permitted to participate in foreign and local financial possibilities by a number of institutions. Stocks in the United States, China, and Nigeria, government bonds, US exchange-traded funds, as well as the US real estate market are examples.

 Nigeria’s capital market regulator SEC  released a circular to investment platforms providing access to foreign securities.

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These platforms are trading foreign securities which are not registered in the country as SEC said.

This poll is to get your opinion if you are in support of this decision.

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