SEC generates N194.48million from penalties

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The Securities and Exchange Commission
The Securities and Exchange Commission

SEC generates N194.48million from penalties

The Securities and Exchange Commission, SEC, has said it generated N194.48 million from penalties in 2019.

Mary Uduk, SEC Acting Director-General, said this in the commission’s 2020 outlook and prioritized initiatives obtained in Lagos on Sunday, February 23.

Uduk stated that the commission’s enforcement efforts in 2019 yielded some positive results, noting that N194.48 million was generated through various penalties.

She noted that 167 complaints were received in 2019, while 102 complaints were resolved.

According to her, number of capital market fraud cases being prosecuted during the period is eight.

Uduk added that N100.11million was recovered for investors in the period as well as 8,848 units of shares of various companies.

She stated that four illegal operator/ponzi schemes were sealed and four illegal operators’ bank accounts were cautioned/ blocked by the commission’s police unit.

Specifically, Uduk said that total amount in the blocked accounts stood at N1.12 billion in 2019.

She noted that value of real estate properties cautioned under investigation stood at N1.23 billion in 2019.

Read also: Nigerian GDP expands 2.27% in 2019 on stable oil production

“The last 12 months has been a challenging and difficult period for our economy, the markets and by extension the SEC.

“Despite revenue challenges and competing demands, SEC successfully implemented key programmes and projects, achieving significant milestones.

“The commission is poised to build on the gains of 2019 with a renewed focus on resource optimisation and execution of prioritised initiatives in 2020,” Uduk said.

SEC generates N194.48million from penalties