Connect with us

E-Financial

SEC says Technology a Boost to Market Regulation

Published

on

Kindly share this post

The Securities and Exchange Commission, SEC has appreciated the place of technology in capital market regulation, saying its has boosted efficiency in no small measure.

To this end, it said it would deepen the use of technology in regulation to ensure that investors in the capital market are adequately protected.

Acting Director General of the SEC Ms. Mary Uduk who stated this while speaking with newsmen weekend, said the Commission is continuing to deploy technology in regulation.

She said, “Our regulation is becoming better and more efficient. We are able to tap into data we could not tap into before, so these now make regulation easier and more efficient and make us better able to protect investors.

“We have also continued to encourage the members of the capital market community to embrace technology to make it easier for themselves and investors to invest. These days we have a lot of improvements, as now most stock broking firms have platforms you can just log in and buy on your own.

“As technology is improving access to the market it’s also improving the ability of the regulator to better regulate the market” she stated.

Uduk said it is based on the foregoing that the Capital Market Committee decided to embrace Financial technology for easy accessibility.

She said, “One of the major reasons for the acceptance of technology in the financial sector is that it makes things very easy to access and also to achieve. FINTECH has come to stay and the sooner we acknowledge and accept it the better for everyone. SEC constituted a Market-Wide FinTech Road Map Committee because we have realized that we live in a technologically driven era, and it is only important that the Commission embraces this trend and create an enabling environment for technology to positively impact on our market.

“We support FinTech by engaging and guiding Fintech start-ups that seek to operate in the Nigerian capital market. As the regulator, we are also working on adopting Fintech and Regtech in our regulatory operations while we encourage those we regulate to embrace Fintech, not as competitor, but as enablers to their existing operations and processes.

“Specifically, we are looking into the area of crowdfunding, cryto assets, robo advisory and distribution of collective investment schemes products through fintechs. We need to be able to balance our objective of protecting investors and encouraging innovation and development in the market”.

The Acting DG disclosed that the Commission has specified minimum operating standards for capital market operators, the exchanges and everyone.

These standards she said, includes risk management tools embedded in them, as well as security tools.

“So, we have not been seeing a lot of these fraudulent activities, its actually on the low and falling. But our enforcement department is up and doing and keep nipping these cases in the bud when they happen.

“But we believe that as we keep improving our risk management aspects of our operating standards both from the regulatory side and the market side these things will be on the reducing side.


Kindly share this post
Continue Reading
Comments

E-Financial

CBN Investigates 55 Companies over Forex Infractions

Published

on

Kindly share this post

Amidst sustained pressures on Nigeria’s official foreign exchange resources, the Central Bank of Nigeria (CBN), has opened investigations into foreign exchange transactions of 55 companies and individuals.

The apex bank linked them to foreign exchange deals outside the official Investors & Exporters (I&E) window.

CBN Investigates 55 Companies over Forex Infractions

Mr. Godwin Emefiele, CBN governor

The I&E window was created by the CBN as the legitimate platform for buying and selling of foreign currencies.

Some of the major corporate organisations in the list include Stallion Nigeria Limited, a conglomerate involved in several sectors of the Nigerian economy.

The list also includes Nigeria’s leading electronic payment company, Interswitch Nigeria Limited, as well as a leading global shipping line, CMA CGM Nigeria Shipping Limited.

Other big names in the list include Petro-Afrique Energy Services Limited, Steel Force Far East Limited, Auto Petroleum Company Limited, Cavendish Mechanicals Limited, Aquashield Oil & Marine Limited, Haitch & Elf Integrated Services Limited, Fenog Nigeria Limited, and Promasidor Nigeria Limited.


Kindly share this post
Continue Reading

E-Financial

FG Makes u-Turn on Bank Account Re-Registration

Published

on

Kindly share this post

Federal government on Friday apologised for asking all account holders in financial institutions in the country to re-register their personal details.

FG makes u-Turn on Bank Account Re-Registration

Recall that the federal government had on Thursday ‎ordered that all persons holding accounts across financial institutions and insurance firms should complete and submit self-certification forms to their respective financial institutions.

The notice issued by the government to that effect read, ‎“This is to notify the general public that all account holders in Financial Institutions (Banks, Insurance Companies, etc.) are required to obtain, complete, and submit Self – Certification Forms to their respective Financial Institutions.

“Persons holding accounts in different financial institutions are required to complete and submit the form to each one of the institutions. The forms are required by the relevant financial institutions to carry out due diligence procedures, in line with the Income Tax Regulations 2019.‎”

The directive raised eyebrows, as account holders already possessed Bank Verification Numbers.

Following widespread condemnation that trailed the directive, the Federal Government backtracked on Friday, saying the fresh guidelin‎e was not for all Nigerians.

The government attributed the development to misinformation.

The clarification issued by the government on Friday read, ‎“We apologise for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the notice does not apply to everybody. ‎FIRS will clarify Nigerians on the objectives of the directive.”

Also on Friday, FIRS, in a statement posted on Twitter, explained that the guidelines were only for non-residents, as well as people paying tax in more than one country.

Parts of the FIRS statement read, “The Self Certification Form is basically to be administered on Reportable Persons, holding accounts in Financial institutions, that are regarded as “Reportable Financial Institutions” under the CRS.

“Reportable persons are often non-residents and other persons, who have residence for tax purposes in more than one jurisdiction or country.”

“The information that indicates an account holder is a resident for tax purposes in more than one jurisdiction, is expected to be available to Financial Institutions during account opening processes, for the KYC and AML purpose.”


Kindly share this post
Continue Reading

E-Financial

Stanbic IBTC Bank Disowns Lagos ATM Fraudster

Published

on

Kindly share this post

Stanbic IBTC Bank PLC has disowned Tope Olajide, 22-year-old fraudster arraigned for theft of customers deposits.

Stanbic IBTC Bank Disowns Lagos ATM Fraudster

The Bank said this in a statement on Wednesday.

The statement said: “The attention of the management of Stanbic IBTC Bank PLC has been drawn to news currently circulating in the media, about the alleged arraignment of staff of the Bank on charges bordering on the theft of customers deposits.

“The Bank would like to clarify that the defendant, a 22-year-old Tope Olajide, IS NOT, and was at no point in time an employee of Stanbic IBTC Bank PLC.

“The alleged culprit was apprehended around 7:30 am, on Thursday, 27 August 2020, by security operatives after he was exposed by CCTV footage using ATM cards he had allegedly stolen and converted, to make withdrawals from the accounts tied to the stolen ATMs.

“The CCTV footage also showed the alleged culprit pretending to assist customers at ATMs whilst also attempting to fraudulently dispossess the customers of their ATMs.

“He was subsequently arraigned before an Ikeja Magistrate Court on Monday, 14 September, for stealing the debit cards of two customers and using them to unlawfully withdraw the sum of N427,000.

“The Bank would also like to implore members of the public to be security conscious when conducting transactions at ATMs. Customers are advised to report any suspicious actions around them to security operatives who are usually stationed around the Bank’s ATMs, when carrying out transactions at any of our ATM locations.

“As an organisation, we hold dear the values of integrity, and we will continue to prioritise the safety of our customers effectively.”


Kindly share this post
Continue Reading
Advertisement

Social

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement

Trending