SEC distances self from controversial Visionscape bond

The Securities and Exchange Commission (SEC) has reacted to the controversy trailing Visionscape Bond.

SEC, in a statement posted on its website, said it did not approve the bond.

It reads: “The attention of the Commission has been drawn to news media publications regarding the default in repayment on Visionscape Bond and the Commission’s role in the transaction.

“The Bond under reference was issued by Municipality Waste Management Contractors Limited, a private company promoted by Visionscape Sanitations Solutions Limited – under a N50Billion Medium Term Note Programme.

“Being an issuance by a private company, it was not offered to the public, but to qualified investors by private placement.

“The transaction was therefore not subject to the prior review and approval of the Commission and does not fall within its regulatory preview.

“In addition, the Bond was not certified as a Green Bond as portrayed by the media.

“The Commission wishes to assure the general public that it is committed to its duties of investors protection and ensuring an efficient, fair and transparent capital market.”