By Modupe Gbadeyanka
In order to make the Nigerian capital market attractive to retail and young investors and restore their confidence, the Securities and Exchange Commission (SEC) is looking to implement an appropriate regulatory framework.
This framework, according to the Director-General of SEC, Mr Lamido Yuguda, 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 investor 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,” Mr Yuguda said last week when he attended his first Capital Market Committee (CMC) meeting as DG.
He noted that these steps would be taken to increase the visibility and attractiveness of the Nigerian capital market, noting that the strict enforcement of all rules guiding the operations of the market will restore investors’ confidence.
At the meeting, the SEC DG assured market participants of the commission’s collective commitment to continue implementing the ongoing initiatives of the 10-year Nigerian Capital Market Master Plan and other related initiatives targeted at developing our 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 capital market stakeholders.
Speaking further, Mr Yuguda also used the occasion to say that in furtherance of the initiative to infuse capital market education into the curriculum of basic and secondary schools, various trade-groups have supported the efforts of the Financial Literacy Technical Committee with the sum of N78.3 million, out of which N34.7 million had been expended.
The SEC boss said based on a report from the FLTC, a stand-alone curriculum on the capital market studies for basic and senior secondary schools has been developed and infused into relevant carrier subjects.
This, according to him, has been ratified by the Joint Consultative Committee on Education and the National Council on Education.
He said the next phase of the committee’s initiative is the development of teacher’s guide, the printing of the teacher’s guide and its distribution, a phase he said would be concluded with the training of the teachers.
To support the federal government’s fight against the COVID-19 pandemic, he said the commission set up the Capital Market Support Committee on COVID-19, headed by Mr Ariyo Olushekun, to raise funds and offer various supports towards combating the virus.
Mr Yuguda explained that with the support of various market participants, the committee has so far donated five ambulances to various state governments as well as the Federal Capital Territory and the Presidential Task Force (PTF) on COVID-19.
In addition, he emphasised that the committee has distributed several face masks, infra-red thermometers and other medical equipment, including food items.
Going forward, the SEC chief said the team intends to develop a capital market sponsored Nigerian strategic healthcare infrastructure fund.
Dipo Olowookere