SEC boss harps on capital market rules

The Securities and Exchange Commission has vowed to strictly enforce all rules that guide the operations of the capital market to restore investors’ confidence.

The Director-General, Lamido Yuguda, said this at the first capital market committee meeting attended virtually by over 240 stakeholders in the capital market.

The meeting marked the first interaction between the new Executive Management Team of the commission and the capital market community.

At the meeting, the SEC DG assured market participants of the commission’s commitment to the ongoing initiatives of the Nigerian Capital Market Master Plan and other related initiatives targeted at developing the capital market.

He further promised to continuously seek ways of improving these initiatives, while efforts are being made to introduce new ones to the benefit of stakeholders.

To increase the visibility and attractiveness of the capital market, he said the commission would work towards maintaining an environment enabled by the appropriate regulatory framework.

This, he noted, would be implemented through timely and affordable access to the capital market, zero tolerance for infractions, heightened investor confidence and awareness, innovative product development and good governance practices.

“We need to restore investors’ confidence and attract the retail and young investor into the market. Thus, we will ensure strict enforcement of our rules and regulations, strengthen our enforcement regime and clamp down on illegal operators luring unsuspecting investors with various Ponzi schemes,” he said.

To support the Federal Government’s fight against the Coronavirus Disease, he said the commission set up the Capital Market Support Committee on COVID-19, headed by Mr. Ariyo Olushekun, to raise funds and offer support.

With the support of various market participants, Yuguda explained that the committee, on behalf of the Nigerian capital market, donated five ambulances to various state governments as well as the Federal Capital Territory and the Presidential Task Force on COVID-19.

In addition, he emphasised that the committee distributed several face masks, infrared thermometers and other medical equipment, as well as food items.

Going forward, Yuguda said, “The committee intends to develop a capital market-sponsored Nigerian strategic healthcare infrastructure fund.”

In furtherance of the initiative to infuse capital market education into the curriculum of basic and secondary schools, he said various trade groups had supported the efforts of the Financial Literacy Technical Committee with N78.3m, out of which N34.7m had been expended.

The SEC boss said based on the report from the FLTC, a stand-alone curriculum on the capital market studies for basic and secondary schools had been developed and infused into relevant carrier subjects.

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