L
LequteMan
Guest
The Securities and Exchange Commission (SEC) has closed down offices of New Nation Finance House,
one of the country's leading fund management companies in seven states of the federation- Lagos, Akure, Bauchi, Birnin Kebbi, Calabar, Kano and Makurdi.
The offices are to stop operations by Feb. 7.
Mrs Pamela Obioru, SEC’s Assistant Director and leader of the enforcement team, said on Wednesday that New Nation Finance House was an illegally entity.
Obioru said that Section 153 of the Investment and Securities Act (ISA) prescribed that operators of such firms must obtain licence and file returns to the commission.
She also said that 14 of the company’s officials had also been arrested by the police.
She said that the action was part of SEC’s statutory responsibilities of regulating the capital market and protecting investors.
Obioru said that the enforcement exercise was necessary to protect innocent investors from falling into wrong investment schemes.
one of the country's leading fund management companies in seven states of the federation- Lagos, Akure, Bauchi, Birnin Kebbi, Calabar, Kano and Makurdi.
The offices are to stop operations by Feb. 7.
Mrs Pamela Obioru, SEC’s Assistant Director and leader of the enforcement team, said on Wednesday that New Nation Finance House was an illegally entity.
Obioru said that Section 153 of the Investment and Securities Act (ISA) prescribed that operators of such firms must obtain licence and file returns to the commission.
She also said that 14 of the company’s officials had also been arrested by the police.
She said that the action was part of SEC’s statutory responsibilities of regulating the capital market and protecting investors.
Obioru said that the enforcement exercise was necessary to protect innocent investors from falling into wrong investment schemes.
