The Securities and Exchange Commission (SEC) yesterday said it was currently working alongside other agencies on a sectoral strategy to combat potential cyber security threats on the capital market.
Also, Cyber crooks have turned their attack on a betting platform, Bet9ja, leading to restriction on customers from having access to the platform.
The firm, in a short statement, assured that it is working tirelessly with its IT team, independent forensics and cybercrime experts to resolve this.
“We take this matter extremely seriously. Our priority is protecting our customers and you have our assurances that your accounts will not be compromised and all your funds are safe. We apologise for this situation and once back online, we will reward our loyal customers with a truly sensational bonanza of promotions,” it said.
It warned members of the public to disregard any information not shared by Bet9ja. “We appreciate your patience and understanding at this difficult time. We will be back stronger, continuing to provide you with the best-in-class betting experience, as soon as is technically possible,” it added.
The Director-General of SEC, Lamido Yuguda, who disclosed this while briefing journalists on the outcome of the first Capital Market Committee (CMC) meeting of 2022, recalled that during the last CMC last year, Colonel Bala Fakandu of the Office of National Security Adviser (ONSA) sensitised members on the implementation of the National Cybersecurity Policy and Strategy for the finance and capital market sector.
For over two decades, the CMC has served as a veritable platform for interface amongst capital market stakeholders to discuss issues germane to the development and orderly conduct of market activities.
He said that the issue of cybersecurity is becoming increasingly important globally as many of the activities of individuals and organisations are now being conducted digitally more than ever before.
He noted that while this has significantly raised efficiency levels, it has also triggered a new set of risks which the commission must recognise and guard against. This, according to him, necessitated the need to work towards a sectoral strategy for tackling these risks.
He said, “The issue of cybersecurity is becoming increasingly important globally. Many of our activities as individuals and organizations are now conducted digitally more than ever before.
“While this has significantly raised our efficiency level, it has triggered a new set of risks which we must recognize and guard against. We are working towards a sectoral strategy for tackling these risks.
“In conjunction with the National Assembly committees on capital market, the Commission organized a retreat to review the entire Bill. We sincerely appreciate the support received from both the Senate and House of Representatives Committees on capital market during the review exercise.”
Yuguda said the Commission will continue to enhance the existing regulatory framework guiding the operations of the market by keeping pace with the evolving changes in market practices, especially with the advent of Financial Technology which has significantly altered the ways and means of transacting business in the capital market.
He also said the commission has successfully concluded the extensive review of the ISA 2007 with the aim of passing the Investment and Securities Bill 2021 into law during the year 2022.
Speaking on the updated Master Plan, which would guide the development of the capital market for the next 5 years, the SEC Director General explained that the review, which forms a critical part of the implementation process and was necessary to ensure that the initiatives remain relevant, are measurable and goal oriented, has been completed.
He added that the Commission will in the nearest future be extending an invitation to all market stakeholders for the launch of the revised Master Plan.
On the issue of transaction fees which were non-existent or negligible in the debt capital market, he explained that the cost of regulation was relatively the same as in other instruments and markets. This, he noted, is in addition to the fact that tax advantage gave the market some support, allowing it to grow.
He added: “This support was largely financed by fees from other segments of the Capital Market. We believe that the debt capital market has grown tremendously and is mature enough to contribute to the cost of regulating the Nigerian capital market, ensuring it remains safe and fair to all participants.
“As such, the Commission introduced a regulatory fee structure on secondary market transactions in debt instruments, which took effect from January 1, 2022.”