SEC should go after investors who patronize illegal operators – Ajudua

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By Nkiruka Nnorom

Activities of illegal capital market operators are on the increase despite several efforts by the Securities and Exchange Commission to curb this. What do you think is responsible for their continued existence?

Activities of illegal operators are on the increase because despite repeated warnings they are still being patronized by people who believe that it is only shorter means to wealth creation.

In your opinion, why do investors still patronise them despite the dangers and several warnings from the regulators.

Investors who patronize them are doing so as a result of greed and what I regard as difficult economic circumstance we have found ourselves in this country. Some investors also patronize them because they still see them as only means of survival and in fact short cut to survival and according them the only means of meeting the financial obligations as a result of economic problems. But we are saying that it is better we hold on for the sake of tomorrow.

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•Patrick Ajudua,  National Chairman, New Dimension Shareholders Association, NDSA.

In your opinion, why do investors still patronize them despite several warnings from the regulators.

The Securities and Exchange Commission should, apart from sealing their offices, collaborate with other relevant security agencies in the country like the Economic and Financial Ct rimes Commission, EFCC, to prosecute the founders and operators of the companies.

Wherever these people are, they should fish them out and arrest them so that they will answer questions on their illegal activities. Those that patronize them are also guilty as both the giver and receiver are guilty in the eye of the law. Besides these, the regulator should also continue to enlighten the general public, particularly the investing public on the dangers inherent in patronizing these illegal capital operators.

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What is your advice to investors who fall prey to the illegal capital market operators

My advice is that once bitten twice shy. They should desist from patronizing them rather they should patronize those operators who are incorporated in Nigeria and registered with the regulators. It is only way that the perpetrators of this act could be sued for breach of trust and contractually failure.

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