The Securities and Exchange Commission (SEC) has unveiled plans to publicly expose capital market operators found guilty of violating market laws and regulations, reinforcing its commitment to market integrity and investor protection.
In a statement released on Sunday, SEC announced that erring operators would have their names published in its newly introduced “name and shame” journal. This measure, it said, is part of a broader enforcement strategy aimed at ensuring compliance with regulatory standards. The initiative will be implemented alongside existing penalties outlined in the Investments and Securities Act of 2007 and SEC’s Rules and Regulations.
“This enforcement strategy underscores the commission’s dedication to safeguarding the integrity and stability of the Nigerian capital market, protecting investors, and ensuring strict adherence to established rules and regulations,” SEC stated.
The announcement comes amid recent regulatory crackdowns. SEC disclosed that it had revoked the registration of Mainland Trust Limited as a capital market operator and suspended Centurion Registrars Limited due to non-compliance with regulatory directives and unresolved complaints.
In a circular issued over the weekend, SEC confirmed the immediate cancellation of Mainland Trust Limited’s registration, citing its failure to comply with directives and resolve several outstanding complaints. The commission urged the company’s clients to contact the Central Securities Clearing System (CSCS) for guidance on transferring their stocks to another stockbroker. It also directed capital market institutions, including the Nigerian Exchange Group and the Institute of Capital Market Registrars, to discontinue any dealings with the company.
Similarly, SEC announced the suspension of Centurion Registrars Limited, including its directors and sponsored individuals, from all capital market activities. Investors affiliated with the firm were advised to contact Africa Prudential Plc for portfolio transfers, while capital market institutions were instructed to cease business engagements with the company and its key officials.
By introducing the “name and shame” initiative, SEC is strengthening its stance on market discipline. It reiterated that this public naming would complement existing sanctions, ensuring that operators who flout regulations face greater accountability.
SEC also reaffirmed its broader commitment to cleaning up the market, including cracking down on Ponzi and pyramid schemes in 2025 and advancing the development of Nigeria’s commodities market. With these stringent measures, the commission is sending a clear message that regulatory breaches will no longer go unnoticed.
