SEC Reminds CMOs On KYC Update

DG, SEC, Lamido Yuguda
DG, SEC, Lamido Yuguda

Capital Market Operators have been reminded of the Securities and Exchange Commission’s directives on update of investors’ Know Your Customer information which it said is still in effect.

This was stated by the Director General of the SEC, Mr. Lamido Yuguda at the First Post Capital Market Committee Meeting press briefing held in Abuja Weekend.

According to the DG, “We have noted that the level of compliance has been low. Despite several engagements, we realized that as at April 8, 2021, there were still 4,012,311 (Four million, twelve thousand, three hundred and eleven) accounts with incomplete KYC information.
“This exercise is critical to deepening the participation of retail investors and we direct all CMOs to accord it the highest level of priority”.

Yuguda disclosed that a major highlight of the year 2021 is the reintroduction of periodic renewal of registration by Capital Market Operators.

He said the rationale for this is to ensure that operators in the market are fit and proper at all times and to strengthen the supervision and monitoring activities of the Commission.