The new Director-General of the Securities and Exchange Commission (SEC), Lamido Yuguda, has stated that the capital market has a lot of potentials for growth and development of Nigeria post-COVID-19 and beyond.
He made this known during as he resumed office alongside the Executive Commissioners namely: Reginald Karawusa, Ibrahim Boyi and Dayo Obisan in Abuja, Monday.
The SEC DG said the capital market is a crucial component of any economy, as the SEC over the last two decades has worked with other relevant stakeholders to introduce and implement various initiatives targeted at improving the regulation and development of the market.
According to him, the capital market master plan launched in 2014, has the objective of positioning the capital market for accelerated development of the national economy.
‘Many of the plan’s initiatives have been successfully implemented while many others are Work in Progress in line with its objectives. Therefore, the continued implementation of the plan will be one of the major focus of the incoming management, while we also seek possible ways of strengthening it for enhanced impact. We would equally work towards improved market regulation, surveillance and general development,’ he said.
He stated that in order to do this effectively, we will need to develop relevant capacities and foster collaboration in achieving our mandates.
Yuguda assured that the new management will work to the best of their abilities to uphold things on the ground and consciously seek ways to improve them to the benefit of all stakeholders.
‘Together we must set our sights on achieving those milestones that are capable of making the capital market a powerful engine of growth for the Nigerian economy, with God’s help and our collective resolve and dedication, we shall succeed,’ he added.
He further stated that investor protection would be at the centre of the initiatives of the new management warning that any operator that short-changes investors would not go Scott free.
‘We want to assure investors that this market is for them and we are ready to do everything to ensure that we increase investor enlightenment through education, robust regulation and fair dealing. For those that want to defraud investors, there would be no respite because we are ready to fight market manipulation to the last, anyone that flouts our rules will be made to face the consequences of their actions,’ he stated.
In her brief remarks before the handover, the outgoing Acting Director-General, Ms Mary Uduk, said the Commission has in the past few years undertaken key reforms and achieved some regulatory millstones and expressed the hope that the new management will build on achievements recorded so far.
According to her, ‘implementing the Commission’s mandate of regulating and developing the Nigerian capital market, most of our recent activities are guided by the Capital Market Master Plan (2015-2025).
‘This is a 10-year plan with over 100 initiatives to position the capital market for accelerated development of the national economy. It has an implementation governance structure (CAMMIC) to drive advocacy and ensure national buy-in. Through this, a series of engagement has been made with many of the Plan’s initiatives achieved.’