SEC Sets Up Investor Protection Fund

by Ike Obudulu Last updated on April 9th, 2017,

The Director-General, The Securities and Exchange Commission (SEC) Mr Mounir Gwarzo, says it has instituted a N5 billion investors protection fund to compensate  investors in line with the Capital Market Master Plan.

This is akin to an insurance program designed to protect the customers of brokers or dealers subject to the SEC from loss in case of financial failure of the member.

The national investors protection fund would compensate the investor up to a maximum of N200,000 in the form of electronic dividend or  direct cash settlement for qualified losses.

A corporate governance scorecard is now in place requiring each company to comply with the score card.

“We have also set up an advocacy group that will look at the market, and will look at how can capital market be on the front burner of the Nigerian economy”.

According to Gwarzo, a board had been set up  to help run the affairs of the national investor protection fund and its  members would ensure  that complaints from investors were genuine.

Payments  to qualified beneficiaries are ongoing.

Author

Ike Obudulu

Ike Obudulu

Versatile Certified Fraud Examiner, Chartered Accountant, Certified Internal Auditor with an MBA in Finance And Investments who has both worked for and consulted with some of the world's largest companies on main street and wall street in over 20 countries, Ike brings his extensive reporting and investigations experience to bear on his role as Chief Editor.
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