Securities and Exchange Commission (SEC) has reaffirmed its commitment to ensuring that only fit and proper individuals are permitted to operate in Nigeria’s capital market to enhance investor protection.

Speaking in an interview in Abuja over the weekend, Dr. Emomotimi Agama, director-general, SEC, emphasized that market operators engaging in unscrupulous activities would not be allowed to go unpunished.

According to him, “It’s important that, as a form of self-regulation, they are aware beforehand that if you do what is not right, the SEC will bring you out to the wall to say that you do not have character, because the very ethics of regulating or of registering a securities market operator is in the principle of the fit and proper person’s test.

“A fit and proper person’s test means that you satisfy all of the requirements that have been laid down in the Investments and Securities Act 2007 and in other regulations that the SEC has brought out to make sure that this happens.

“Disclosures by public companies will be very, very essential making sure that the investor has enough information to make decisions. If information is not provided, then that will be against the rules and regulations of the SEC and indeed, the ISA. So clearly for us, it is getting people to understand that there is no hiding place anymore for anybody that has an intention to defraud Nigerians and to defraud anybody that is investing in this market.”

The SEC Director-General stated that investor protection is a fundamental principle for the Commission, as the Investments and Securities Act (ISA) 2007 clearly outlines the objectives of securities regulation in Nigeria, with investor protection and market development as its twin priorities.

He emphasized that for any market to thrive, investor protection must remain a top priority.

He further asserted that the SEC is committed to ensuring that all market participants understand the Commission’s sacred responsibility, stressing that the SEC’s leadership, entrusted with this duty by President Bola Ahmed Tinubu, will carry it out effectively.

“It is important to state clearly that every investor in Nigeria is under the cover of the SEC as long as the person operates within the Nigerian capital market. And so the year 2025 is a year where we say that there is zero tolerance for any activity that does not fall within the laws of the Investments and Securities Act 2007.

“We are excited that the National Assembly has passed the new Investment and Securities Act and we are earnestly waiting for the President’s assent as the Bill is going through an administrative process to get to the President, to get it assented to.

“And that alone also signifies our intention to make sure that everyone that is investing in this market, or intends to invest in this market has a cover. That cover runs across so many lines, particularly, let me mention that Ponzi schemes will no longer be a place where people will be factoring, where people will be interested in, because the penalties in the new ISA you know, towards people that are engaged in Ponzi scheme is stiff enough to deter them.”

Following the loss of revenues and underreporting of taxes for the development of Nigeria, the Chartered Institute of Taxation of Nigeria (CITN) has introduced the use of artificial intelligence (AI) in tax administration.

In his keynote address at a maiden ICT summit on taxation in Abuja, the pioneer Director General of the National Space Research and Development Agency (NARSDA) and senator of the Federal Republic of Nigeria, Professor Robert Ajayi Boroffice, said that AI-driven tax compliance systems analyse vast amounts of tax data in real-time, identifying inconsistencies, fraudulent activities, and underreporting. By using machine learning, AI can detect tax fraud and evasion patterns more accurately than traditional audits.

“Countries like the United States (IRS AI system) and the UK (HMRC AI-driven audits) are already leveraging AI to increase compliance and detect tax fraud more efficiently.

“Taxation is not just about revenue collection; it is a fundamental pillar of economic governance. A well-designed tax system fosters business confidence, encourages compliance, and ensures that governments have the necessary resources to invest in infrastructure, healthcare, education, and public services.

“We are living in an era where technology is not just an enabler but a driving force reshaping industries, governments, and economies. In fact, technology defines the power of a nation. Robotics and AI have already revolutionised healthcare, finance, and manufacturing, and now, they are redefining tax administration making it more efficient, transparent, and fraud-resistant.

“In the digital age, leveraging technology to build a smart, efficient, and fair tax system is no longer optional—it is imperative,” he said.

Before he declared the workshop open, the President/Chairman of Council, Mr. Samuel Agbeluyi, noted that technology is no longer a luxury; it is a necessity.

According to him, countries that have embraced digital tax reforms are reaping the benefits of increased revenue mobilisation, reduced tax evasion, and improved ease of doing business. Nigeria, he said, cannot afford to be left behind.

“Traditional tax administration is faced with a number of challenges. For decades, tax administration has relied on manual processes, paperwork-heavy systems, and traditional audits. These methods have posed significant challenges, including tax evasion and fraud. Slow and inefficient processes, high administrative costs, limited data insights,” he said.

He stated that there is a need for a smart tax infrastructure.

Polaris Bank has reaffirmed its commitment to gender equality and women’s empowerment through its International Women’s Day (IWD) Seminar, themed: “Accelerating Action: Breaking Barriers & Creating Equal Opportunities”.

The event provided a platform for thought leaders, professionals, and advocates to emphasize the urgent need to accelerate action towards gender equality by breaking barriers and creating equal opportunities for women across all sectors.

Speaking at the event, Polaris Bank’s Executive Director, Mrs. Abimbola Ozomah conveyed greetings from the Managing Director/CEO, Management, and Staff of the Bank, highlighting the importance of the day. “International Women’s Day is a moment to recognize the remarkable achievements, contributions, and struggles of women throughout history and across all sectors of society. However, it is also a call to action. This year’s theme, ‘Accelerate Action,’ urges us to take swift and decisive steps toward achieving gender equality by breaking down systemic barriers and biases that hinder women’s progress.”

Reinforcing Polaris Bank’s commitment to gender inclusivity, Mrs. Ozomah, stated, “At Polaris Bank, we believe that real progress happens when organizations go beyond conversation and actively implement policies that support women’s growth.

“Empowering women and ensuring their inclusion in every sphere of society, is at the core of our values. This seminar is part of our broader mission to create an inclusive and equitable society for all.”

The seminar featured an insightful conversation with industry experts who shared practical strategies for overcoming systemic barriers, fostering leadership opportunities, and enhancing financial inclusion for women.

In her experience sharing session, Ayaba M. Ayo-Joseph, a Non-Executive Director with Polaris Bank, advocated that women should be supportive of each other, stating, “We as women should help each other and not bring each other down. These efforts should not be restricted to just International Women’s Day or a day just in March. This should be practiced all the time.

She also shared 8 Ways to Accelerate Action for women’s empowerment.
Economic independence for women, stepping out into leadership roles as we need more women in leadership positions, advocating for gender-friendly workspaces, being a mentor to uplift others, practicing self-care, creating safe spaces for women, collaborating with other women to build strength in unity, and being digitally savvy to leverage technology for growth.

She concluded her session with a powerful reminder to womenfolk saying: “The change we wish to see starts with us. Let’s keep pushing the boundaries and support each other as we go.”

Mrs. Subulade Giwa-Amu, a Non-Executive Director, Polaris Bank, stated the role of character and purpose in achieving success, saying, “Success is built on character, resilience, and purpose. Challenges will arise, but integrity is the key to overcoming them.”

She also highlighted the importance of financial independence and self-investment, adding, “Financial independence starts with vision and focus. Work-life balance is essential, but prioritization is crucial at different stages of life.”

She further advised women to continuously invest in themselves, saying, “Invest in yourself, continuous learning and personal growth are non-negotiable for success.” Speaking on women’s empowerment, she urged collaboration over competition: “There is room for everyone at the top. Women must support and uplift each other, rather than compete unnecessarily.”

Tolulope Makinwa-Adeniyi, Executive Director, Muazu Africa, reiterated the power of relationships and personal development: “Relationships are invaluable. Express admiration, nurture connections, and build a network that will open doors for you.” She also encouraged personal growth, saying, “Do the hard things, growth comes from embracing challenges, stepping out of comfort zones, and pushing beyond limitations.”

She further stressed the importance of Mastery, stating, “Mastery is power. Stay ahead by continuously upgrading your skills, embracing new technologies, and refining your expertise”. Calling for a mindset shift, especially amongst the school girls from the five selected schools in Lagos state present at the event. She remarked, “The ‘Cinderella Complex’ must end—women don’t need to be saved; they need to take charge of their own destinies.”

Ndidi Ukaonu, MD/CEO of Parthian Partners, called for action over conversation: “It’s time to move beyond discussions about gender equality and start implementing real change.”

She encouraged individuals to define their impact and take ownership of their success, challenging them to ask, “What am I known for? What legacy am I building? How am I contributing to change?”

She also reinforced the need for confidence and taking initiative, saying, “Stop waiting for permission to be great—own your power and walk in it.” Closing with a rallying call, she urged participants to, “Accelerate action, break barriers, and create opportunities. The world is waiting for you to step up. The time is now”.

Polaris Bank remains steadfast in its mission to drive change, ensuring that women are not only heard but also empowered to lead.