SEC Director-General Urges Fintech Operators to Adhere to Capital Market Rules
Emomotimi Agama, the Director-General of the Securities and Exchange Commission (SEC), emphasized the importance of fintech operators adhering to capital market rules when raising funds.
Speaking at a one-day capacity training for financial journalists in Abuja, Agama highlighted that the SEC is committed to enforcing regulations within the fintech ecosystem to prevent fund mismanagement and ensure operators comply with existing guidelines. The commission’s focus is to protect investors, especially as fintech continues to play a larger role in Nigeria’s financial landscape.
Agama further stressed the need to create a regulatory environment that fosters technological innovation while ensuring that it aligns with the country’s capital market framework. This, he argued, is essential to driving Nigeria’s economic transformation. He also emphasized that the SEC is dedicated to ensuring that fintech activities are carried out in a way that supports sustainable development and investor confidence.
Hasfat Rufai, Director of the Registration, Exchanges, and Market Infrastructure Department at the SEC, also spoke about the challenges and opportunities brought by digital advancements in the financial industry.
She acknowledged that while technology has reshaped how Nigerians invest, it has also introduced challenges regarding regulation and investor protection. Rufai noted that the digital age has increased accessibility and innovation in investment, urging investors to embrace technology, stay informed, and make responsible choices.
Abdulrahman Abubakar, Senior Manager at SEC, discussed the commission’s efforts to enhance its Risk-Based Supervision (RBS) regime through a recent collaboration with the Toronto Center. He explained that, given the dynamic nature of markets, the SEC continuously adapts its regulatory approach. Additionally, Abubakar highlighted the potential of commodities markets as an alternative investment avenue, particularly when combined with fintech solutions. On November 27, the SEC also announced that Marino FX Limited is not licensed to operate within Nigeria’s capital market.
