The Securities and Exchange Commission (SEC) has said it will sanction company secretaries involved in selling or aiding the trade of shares of unlisted companies on platforms that are not recognised by the commission.
The acting Director-General, SEC, Ms Mary Uduk, said the move was advocated by capital market operators, who urged the commission to take strong actions against company secretaries caught flouting the law.
Uduk, while speaking on Friday at a press briefing after the Capital Market Committee Meeting in Lagos, said the CMC advocated the extension of the dematerialisation exercise to shares of unlisted public companies to enhance liquidity and ease market processes.
She stated that the dematerialisation exercise had been successful so far, but was restricted to shares of listed companies. Read more