SEC to sanction quoted firms on non- compliance to registration directive
Nigeria’s Securities and Exchange Commission (SEC) on Tuesday, said it will not hesitate to sanction public quoted firms that have not complied with its directive on registration of companies.
SEC disclosed this in a circular posted on its website, stating that at the end of June 30, 2014, quoted companies whose securities are not registered with the Commission would be sanctioned.
According to SEC, “this is to draw the attention of all public companies in Nigeria to the provisions of Section 54 (1) of the Investments and Securities Act No. 27, 2007 and Rule 279 (1) (a) of the SEC Rules and Regulations, to the effect that all securities of public companies shall be registered with the Commission.
“All Public Companies in Nigeria are expected to register their securities with the Commission upon incorporation or conversion from a private company. The Securities and Exchange Commission has however observed that some public companies in Nigeria are yet to comply with the above stated provisions. “Therefore, all existing public companies with securities not registered with the Commission are strongly advised to comply with the provisions of the law by registering their securities with the Commission before June 30, 2014.
“At the expiration of this date (June 30, 2014), all public companies whose securities are not registered with the Commission will be sanctioned appropriately.” It added.
Meanwhile African Capital Alliance (ACA), a premier private equity firm in Africa has concluded plans to launch the ACA Foundation.
According to the company, ACA has been committed to nation-building via varied platforms and partnerships with different organisations in the public, private and non-profit sectors.
The company’s Chief Executive Officer Okey Enelama said “the ACA Foundation has been established to further deepen and widen ACA’s positive impact on the Nigerian economy and, subsequently, Africa’s, as ACA itself originated from the nation-building work of the founding partners, Chief Ernest Shonekan, Pascal Dozie, Dick Kramer and Mohammed Hayatu-Deen.” The launch event is a culmination of work that has been done over the past eighteen months, since the idea for the Foundation was conceived in September 2012.
The event, which is slated for thursday, february 13, 2014 will feature a special presentation by Professor Catherine Duggan from the Business, Government and International Economy (BGIE) unit at Harvard Business School, whose specialty research focuses on sub-Saharan Africa.