December 6, 2020/CAMCAN
L-R: Prof. Uche Uwaleke financial economist and a professor of capital market at the Nasarawa State University Keffi; Mr Oluwole Adeosun CEO Chartwell Securities and Vice President CIS; Mr Seyi Owotoro, President ICMR; Mrs Chinyere Joel-Nwokeoma, Chairman Capital Market Correspondents Association of Nigeria; Mr Stephen Falomo, Director SEC Lagos Zonal Office representing SEC DG; Ms Jumoke Olaniyan, Vice President Market Architecture FMDQ Securities Exchange Limited, representing Bola Onadele, MD FMDQ; Ms Hafsat Rufai, Head Operations Lagos Zonal Office; Mr Lanre Odufuwa, team lead Primary Market NSE.. Image Credot: CAMCAN
The Securities and Exchange Commission (SEC) is exploring various avenues to bring more companies to list on the capital market and to increase the number of products in the market.
The commission said the initiative would raise the market capitalisation of the Nigerian Stock Exchange (NSE) and contribute to the development of the nation’s national economy.
The Director-General, SEC, Lamido Yuguda, disclosed this during the 2020 Annual workshop of the Capital Market Correspondents Association of Nigeria (CAMCAN) which was held in Lagos at the weekend.
Yuguda who was represented by the Director, Lagos Zonal Office, SEC, Mr Stephen Falomo, said, the commission took some strategic initiatives to boost market activities and crystallize the growth of the Nigerian Capital Market.
He noted that this was done to cushion the negative impact of the global pandemic (COVID-19) on the capital market while adding that its committee on COVID-19 has continued to provide support and equipment towards combating the pandemic and its effect.
According to him, the SEC has continued to leverage on its business continuity plan and those of its operators to ensure that capital market activities are carried out during this period with little or no disruption.
Yuguda assured stakeholders that the commission will be making more deliberate efforts towards attracting retail investors back into the market.
“Currently, investors with multiple accounts are being allowed to consolidate their accounts into a single one and claim their accrued dividends.
“This is in a bid to encourage more domestic participation in the market. In deepening the market, we are exploring various avenues to increase the number of companies and instruments in our market thereby raising the market capitalisation.
“We believe this is necessary for our market to continue to contribute its quota to the development of our nation’s national economy”, he said.
Speaking further, the SEC boss revealed that the commission is set to embark on reduction of time to market to ensure it dislodges bureaucratic bottlenecks encountered in raising funds from the market.
“This key initiative involves the ease of administrative procedures from the point of registration of market instruments with the commission to actualising funds raised from the general investing public in order to create efficiency”, Yuguda said.
According to him, the commission is currently improving its surveillance system to identify any form of malpractice in the market.
