The Securities and Exchange Commission (SEC) is taking a firm stance against the influx of illicit funds into the capital market as part of the new banking recapitalization efforts.
Dayo Obisan, the Executive Director of Operations at SEC, made this declaration at a symposium organized by the Association of Capital Market Academics of Nigeria.
Obisan emphasized SEC’s commitment to ensuring a smooth banking sector recapitalization process, stating that the commission views the exercise positively and is collaborating with stakeholders to achieve its success. He highlighted ongoing efforts behind the scenes to guarantee a flawless recapitalization that enhances the market’s integrity and fosters a favorable environment.
In response to concerns raised by Osita Izunaso, Chairman of the Senate Committee on Capital Market, regarding illicit funds, reassurance was given that the Senate is prepared to collaborate with industry players to address such issues.
Source: Business Day