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Nigeria’s SEC cites gambling participation in call to deepen capital-market investment

Regulation

Nigeria’s Securities and Exchange Commission raised concerns about low participation in the formal capital market while presenting a paper at the Chartered Institute of Stockbrokers’ annual conference. SEC director-general Dr Emomotimi Agama said more than 60 million people gamble daily and estimated their spending at $5.5 million a day, contrasting this with fewer than three million capital-market investors.

The SEC’s figures support its concern that gambling participation contrasts with low participation in Nigeria’s formal capital market.

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Stock-linked prediction markets draw US scrutiny over regulatory jurisdiction

Stock-linked contracts offered by Polymarket and Kalshi face scrutiny over whether the CFTC or SEC should oversee them, citing Reuters coverage carried by Moneycontrol on 28 September. Legal and policy experts warned that growth in these markets could affect underlying share trading and complicate enforcement against misconduct.

A Reuters report carried by Moneycontrol on Sept. 28 says stock-linked prediction markets run by Polymarket and Kalshi are attracting fresh attention, and it leaves open whether the CFTC or the SEC ought to serve as their main supervisor. Such contracts allow bets on share price movements, company figures and corporate events. According to legal and policy specialists who spoke to Reuters, if the sector keeps expanding it may in time influence how the underlying shares trade and make it harder for regulators to detect and pursue wrongdoing.

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