SEC tasks market operators on KYC update

The Securities and Exchange Commission (SEC) has tasked capital market operators to update their investors’ Know Your Customer (KYC) information which is still in effect. The Director-General of SEC, Mr Lamido Yuguda, said this at the First Post Capital Market Committee meeting. Wanted Abia major drug supplier arrested with 100kg cocaine, cannabis Jonathan 2015 defeat: […]

The Securities and Exchange Commission (SEC) has tasked capital market operators to update their investors’ Know Your Customer (KYC) information which is still in effect.

The Director-General of SEC, Mr Lamido Yuguda, said this at the First Post Capital Market Committee meeting.

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He said, “We have noted that the level of compliance has been low. Despite several engagements, we realized that as of April 8, 2021, there were still 4,012,311 accounts with incomplete KYC information.

“This exercise is critical to deepening the participation of retail investors and we direct all CMOs to accord it the highest level of priority.”

Yuguda disclosed that a major highlight of the year 2021 is the reintroduction of periodic renewal of registration by capital market operators.

He said the rationale for that is to ensure that operators in the market are fit and proper at all times and to strengthen the supervision and monitoring activities of the commission.

The SEC boss stated that despite the turbulence experienced with the outbreak of the pandemic, the Nigerian capital market stood resilient, adding that the capital market community-contributed its quota to the fight against the COVID-19 pandemic.

He said: “Our next phase of the support in the fight against COVID-19 will be the establishment of the Strategic Health Impact Fund for Transformation (SHIFT). This is planned to be a N100 billion fund for investment in healthcare assets in Nigeria.”

Yuguda also stated that the commission is at the mid-point of implementing its Capital Market Master Plan (CMMP) and has commenced a review to update the assumptions, and align the plan with current realities.