The Federal Government, through the Securities and Exchange Commission (SEC), has reiterated its commitment to enhancing investor protection by reinforcing regulatory oversight in the rapidly evolving fintech sector.
In a statement on Sunday, SEC Director-General, Emomotimi Agama, made the announcement during a one-day capacity-building training for financial journalists in Abuja. Agama assured stakeholders that the Commission would enforce stricter regulations to prevent fund mismanagement and ensure fintech operators adhere to capital market rules.
“It is time for fintech operators to be held accountable to the capital market’s rules, especially when raising funds,” Agama emphasized, underscoring the need for a regulatory framework that supports innovation while safeguarding investors.
During a panel discussion, Hasfat Rufai, Director of the Registration, Exchanges, and Market Infrastructure Department at SEC, acknowledged the challenges posed by the rise of digital platforms, cryptocurrencies, and fintech startups. Rufai highlighted the SEC’s commitment to protecting investors’ interests amid these new disruptions.
“While these trends offer new opportunities, they also present regulatory and investor protection challenges,” Rufai said, adding, “The digital age has transformed the investment landscape, providing greater accessibility, innovation, and opportunities. Investors must adapt by embracing technology, seeking knowledge, and making responsible investment decisions.”
The SEC also warned the public against engaging with Marino FX Ltd, which is falsely claiming to be an SEC-licensed cryptocurrency exchange.
