Securities and Exchange Commission
SEC
About
The Securities and Exchange Commission (SEC) is the main regulatory institution of the Nigerian capital market. It is supervised by the Federal Ministry of Finance. The Nigerian Stock Exchange is privately owned and self-regulating, but the SEC maintains surveillance over it to ensure orderly and equitable dealings in securities and to protect the market against insider trading abuses.
History
The Commission originates from the ad hoc, non-statutory Capital Issues Committee established in 1962 as an arm of the Central Bank of Nigeria. The committee became the Security Exchange Commission in 1977, and the Securities and Exchange Commission was chartered with SEC Decree No. 71 of 1979. It is now chartered by the Investments and Securities Act No 45 of 1999. A second-tier securities market was established in 1985, and the market grew as the government pursued privatization of public sector enterprises. During the early 2000s, reforms by the Central Bank of Nigeria reduced the number of banks but greatly increased their size, contributing to a surge in equity market capitalization that peaked in March 2008. After the 2008 financial crisis, the SEC started legal proceedings at the Investments and Securities Tribunal against about 260 individuals and entities in 2009, and Director General Musa Al-Faki resigned in April 2009 amid criticism over a share-manipulation scandal. Arunma Oteh succeeded him in January 2010 and dismissed the Stock Exchange's chief executive and president in August 2010.
Source: Wikipedia: Securities and Exchange Commission (Nigeria)
Key Facts
Established
1979
Headquarters
Abuja
Chairman
Mairiga Aliyu Katuka
Jurisdiction
Nigeria
Abbreviation
SEC
Website
sec.gov.ng