SEC shuts down illegal capital market operator in Ibadan

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Securities and Exchange Commission (SEC), the regulatory body in charge of Nigeria’s capital market, has shut and sealed the offices of Royal Benchmark Limited, an Ibadan-based unlicensed and illegal capital market operator.

The closure, was in furtherance to its investor protection mandate as enshrined in the ISA 2007 and  in further demonstration of its avowed commitment to a zero tolerance policy for improper behaviour in the Nigerian Capital Market, the Communications Adviser to the SEC Director General, Mr Obi Adindu, stated yesterday.
SEC recently carried out similar actions simultaneously in Port Harcourt and Sokoto.
The DG of SEC said the commission is sending a strong message to illegal fund managers across Nigeria.
She said: “This string of closures by the commission should send a strong, unequivocal message to illegal fund managers and sundry perpetrators of indiscipline and malfeasance in the capital markets that it is time they sought worthier endeavour. Illegal entities erode the integrity stock in our markets in addition to introducing hapless investor public to the agony of loss of value. The SEC frowns severely at their existence.”
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