Friday, December 18, 2020  / 03.55 PM / By SEC Nigeria / Header Image Credit: Oasdom

The Federal Ministry of Health and the Nigeria Centre for Disease Control (NCDC) has warned that the country is on the verge of a second wave of the COVID-19 pandemic. In light of the rising number of new cases, the Commission wishes to provide the following guidance:

All stakeholders in the Nigerian capital market are encouraged to adhere to all recent directives by the relevant agencies on safety and social distancing.  At this time, the Commission is focused on the following measures, amongst others:

• ensuring the continuity of its operations;
• monitoring activities in the market and systemic risks;
• providing regulatory flexibility and guidance to issuers, trading platforms, capital market operators and other stakeholders impacted by COVID-19; and
• protection of investors.

Below is a summary of market-focused adjustments to be adopted in the interim in response to the recent advice from the above mentioned agencies and possible effects of the second wave of COVID-19:

1. Filing of Applications

Until further notice, all applications should be made electronically to the following (corresponding) dedicated email addresses:

2. Filing of Returns

All returns shall be filed electronically at the following (corresponding) dedicated email addresses:

3. Filing of complaints

3. Meetings

A. Meetings and visits to the Commission

All physical meetings and visits to the Commission are hereby suspended until further notice. Capital Market Operators and other stakeholders are encouraged to conduct meetings and other engagements virtually.

B. AGMs/EGMs

Public companies are advised to take appropriate precautionary measures as recommended by the Federal and State Governments as well as the NCDC to ensure the safety of shareholders and participants at Annual General Meetings/Extra-Ordinary General Meetings and other meetings which may be held during the prevalence of the pandemic.

It is important to note that the foregoing guidelines are not exhaustive, but rather represent an outline of immediate actions the Commission considers necessary to sustain the actualization of its regulatory mandate and maintain the integrity of the Nigerian capital market during this challenging period. Accordingly, the Commission will continue to issue updates to market stakeholders as appropriate. The Commission will also continue to closely coordinate with other financial regulators and governmental authorities.

All enquiries should be made to the Commission at [email protected],09-4621100 and  09-4621168.

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