May Day: Uduk Advises Nigerian Workers to Invest in Capital Market

April 30, 2020
May Day: Uduk Advises Nigerian Workers to Invest in Capital Market

By Dipo Olowookere

Acting Director General of the Securities and Exchange Commission (SEC), Ms Mary Uduk, has advised Nigerian workers to consider investing in the capital market.

In her goodwill message to commemorate the 2020 International Workers Day slated for Friday, May 1, the SEC chief said investing in the Nigerian capital market will help workers create wealth and save towards their retirement.

According to Ms Uduk, despite of the COVID-19 pandemic, operations at the capital market were still on-going without disruption.

She urged workers to take advantage of the various opportunities for wealth creation that abound in the market, asking them to deliberately set aside some portion of their earnings towards investing in the various available investment tools.

The SEC acting DG further stated that the commission has adequate rules and regulations in place to ensure that workers investments were safe, adding that one of the responsibilities of the SEC is protecting the integrity of the capital market from all forms of abuse including insider dealing and market manipulations.

Ms Uduk said the SEC also undertakes developmental activities to improve investor education and participation, promote new instruments and encourage innovation in the market.

“Investors are also protected through the National Investors Protection Fund (NIPF) and Risk-Based supervision of capital market operators to ensure a transparent and efficient market in order to boost investors’ confidence,” she said.

She further said that the agency, in collaboration with other stakeholders in the financial system, was making efforts to come up with various initiatives to address the issues of financial literacy and financial inclusion in the market.

According to her, “We are committed to enlightening investors about the capital market and the attendant benefits while also cautioning against investing in fraudulent schemes that appear mouth-watering but are actually not capital market products.”

The SEC boss further said that the SEC was currently implementing various initiatives under its 10-year capital market master plan to enhance the protection of investors.

Some of these initiatives, according to her, include Direct Cash settlement, e-dividend mandate system, transmission of shares, and dematerialisation of shares among others.

The acting DG stated that the SEC as apex regulator of the capital market shall continue to introduce new ideas and policies towards developing and regulating a capital market that is dynamic, fair, transparent and efficient, to contribute to the nation’s economic development

The SEC boss, therefore, urged all workers to secure their financial future while working for the country.

“You have worked very hard to make our nation what it is today and I urge you to invest today and reap the benefits at retirement,” she added.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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