L-R: Commissioner Technical, National Pensions Commission Mr Anyim Nyerere, Executive Commissioner Corporate Services, Securities and Exchange Commission Mr Ibrahim Boyi and Managing Director, Lagos Commodities and Futures Exchange (LCFE) Mr Akin Akeredolu-Ale during a Meeting on the Growth and Development of the Commodities Trading Ecosystem in Abuja on Wednesday. Image Credit: SEC Nigeria
The Securities and Exchange Commission has expressed its readiness to collaborate with the National Pensions Commissions on areas that would assist in further deepening the commodities ecosystem.
Director General of the SEC, Mr. Lamido Yuguda stated this when the Management of the Commission along with the Lagos Futures and Commodities Exchange held a meeting with Pencom in Abuja Tuesday.
Yuguda who was represented by the Executive Commissioner Corporate Services of the SEC, Mr. Ibrahim Boyi, stated that the SEC is very passionate about the commodities sector as it has enormous benefits for the economy of the nation.
According to him, “One of the key pillars of the Capital market Master Plan is the development of the commodities ecosystem which gives our nation the opportunity to diversify both the capital market and the economy and also create more products.
“We have recorded a lot of successes in the sector so far and we see a lot of progress in the development of the sector. We are currently working with the Standards Organisation of Nigeria to develop standards that would make these our commodities acceptable in the international market. This would further boost our foreign exchange earnings and create wealth for our people.
He said the SEC is seeking collaboration with PenCom to ensure economic development adding that the sector has huge potentials if optimally developed.
“We have witnessed major achievements by the LFCE and we are happy to see them progress. We are committed to creating the rules that will ensure investor protection. It is a strategic focus for us to deliver one of our key mandates which is market development that will lead to economic development. Our focus remains market integrity, market fairness and investor protection.
Speaking earlier, Managing Director of LFCE, Mr. Akin Akeredolu-Ale said the commodities exchanges are interested in exploring avenues for investing pension funds in the capital market.
“The capital market is creating instruments, creating avenues for investments to grow the market and the economy. It is important we put these infrastructures in place to make it profitable for our nation” she said.
Responding, Commissioner Technical of Pencom, Mr. AnyimNyerere said the Pension laws are not static but dynamic adding that the Commission expects a comprehensive request to enable it expedite actions on the matter.
He expressed the desire of Pencom to work with relevant agencies to boost the economy and assured the SEC that Pencom will work within available laws to support the commodities trading ecosystem.