NIGERIA- The Director General of the Securities and Exchange Commission, Mrs. Arunma Oteh, has revealed that the commission has banned three illegal companies operating in the country and warned fraudsters to desist from such illegal practices or face the wrath of law.

She also said the commission will do everything within its power to track down on any illegal fund managers in the country in order to protect investors from being cheated.

According to sources, Oteh said: “We have shut down three companies within two weeks from Portharcourt, Sokoto and Ibadan. We need information from the general public to be able to track down on these illegal operators as we are determined to sanitise the market.”

The SEC boss described 2013 as a transition year showing a mixed picture of the global economy.

According to her, while the first half of the year raised concerns on the fragility of global growth with what the International Monetary Fund (IMF) calls ‘3-Speed growth’, the second half is raising hopes of the return of growth as advanced economies are gradually strengthening, despite the slowdown of certain emerging markets.

Speaking as well, the Executive Commissioner, Legal and Enforcement, SEC, Mrs. Sa’adatu  Mohammed Bello explained that the commission is doing everything within its powers to clamp down on fraudulent operators in the market.

Bello, who assured investors that there will be no hidden place for fraudsters in the market, also reiterates the commissions resolve to continue to reinforce compliance to regulations and beam its searchlight on anyone that wants to defraud the market.