The Securities and Exchange Commission (SEC) has requested that all capital market operators (CMOs) pay their 2024 Chief Compliance Officers of Capital Market Operators in Nigeria (CCCOCIN) annual dues by the end of March.
The directive is contained in a statement on Friday, signed by Tarfa Makyur, SEC’s head of monitoring department for Emomotimi Agama, the director-general.
Makyur also encouraged the operators to make early payments for the 2025 dues to the CCCOCIN.
“Please refer to the Commission’s directives contained in a letter dated June 10, 2024, directing all Chief Executive Officers/Managing Directors of Capital Market Operators (CMOs) to register their Compliance Officers with CCCOCIN and promptly pay their annual dues to CCCOCIN,” the statement reads.
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“The leadership of CCCOCIN has submitted their reports to the Commission indicating a compliance level of about 35.5% across the market. We want to restate commission’s commitment to strengthening the activities of the CCCOCIN, which would, in turn, improve compliance with regulatory requirements in the Nigerian capital market.
“To this end, you are by this letter requested to prevail on your members to settle any outstanding annual dues for 2024 before the end of March, 2025 ad encourage them to make early payment for the 2025 dues.”
On March 16, SEC announced plans to name and shame capital market operators (CMOs) violating market regulations in a journal.
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SEC said the initiative is part of its broader strategy to uphold market integrity and boost investor confidence.
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