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The SEC s Circular On The Trading Of Foreign Securities By Investment Platforms In Nigeria – AfricaBusiness com
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By Ibrahim Moshood, Associate, Centurion Law Group (https://CenturionLG.com)
The apex regulator of securities in Nigeria, the Securities and Exchange Commission (“SEC”) has issued a circular, with respect to technology investment platforms providing the Nigerian public with access to foreign securities. The circular dated 8 April 2021, issues a strong warning to these investment platforms and Capital Market Operators (“CMOs”) in partnership with them to provide brokerage services. Both categories of players in the financial space were warned to desist from providing the Nigerian public, with access to foreign securities. This is pivoted on the grounds that these securities are neither registered with the SEC nor listed on the Nigerian Stock Exchange (“NSE”).
The SEC Vs Chaka SPLEET WILL EXPAND TO GHANA & RWANDA
If you’ve ever lived in Lagos, there’s no rite of passage as difficult as renting a house. It’s a system controlled by real estate agents looking to make a quick buck and cynical landlords who are wary of bad tenants.
There have been attempts to solve the problem of home renting by taking it online, but if you’re trying to find a house online, you’re likely not going to avoid any of the troubles.
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That is unless you use one of the newer proptech startups in Lagos; Fibre, Spleet, or Muster. These startups cater to the young and upwardly mobile Lagosians who want to avoid the stress of real estate agents and also want the convenience of paying rent monthly.
Chaka Technologies Limited, a fintech company, has reassured investors on the safety of their investments following an interim order granted by the Investment and Securities Tribunal (ISL) to restrict the company and its promoters from advertising and offering for sale, shares, stock or other securities of Nigerian Stock Exchange (NSE)-listed companies.
In a statement signed by Co-founder and Chief Executive Officer (CEO), Tosin Osibodu, the company explained that although no formal order from the Nigerian Securities Exchange Commission (SEC) has been received, it reassures investors that it had conducted its operations in accordance with the law. x
“We only learned about SEC’s position today and while we await receiving the formal order from SEC, please note that your investments were placed by a duly licensed entity and remain safe through Citi Investments (using the Chaka platform), and will continue to be custodied by an SEC-regulated br
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