By Helen Oji
• Task new SEC DG on master plan review, collaboration
Experts have called on the new management of the Securities and Exchange
Commission (SEC), to
ensure that the revised blueprint for capital
market development is integrated into the Federal Government’s second
Economic Recovery and Growth Plan (ERGP) 2021–2025, to accelerate market
development.
Besides, the stakeholders also advocate an assessment of the
implementation of the capital market master plan to determine
outstanding issues with a view to revising and updating the roadmap. The
request comes two days after the new Director-General (DG) of the SEC,
Lamido Yuguda, assumed office alongside three executive commissioners;
Reginald Karawusa, Ibrahim Boyi, and Dayo Obisan.
Yuguda’s confirmation comes one year after the former DG, Mary Uduk,
spearheaded the affairs of the Commission in an acting capacity.
Specifically, a professor of Capital Market, and Head of Banking and
Finance Department at the Nasarawa State University, Keffi, Uche
Uwaleke, said this is vital because the current ERGP paid little
attention to equities market issues.
He argued that integrating the revised capital market plan into the new
ERGP would ensure that the market growth becomes a priority going
forward, especially in the provision of fiscal incentives.
Furthermore, he urged the new management to work closely with all the
relevant stakeholders, especially the Association of Capital Market
Academics of Nigeria, to take market education to both secondary and
tertiary institutions.
While congratulating Yuguda and his team on their appointment, he urged
them to take the issue of investors’ confidence as paramount. “This has
improved in recent times owing to the efforts of the Commission in
enforcing discipline in the market. I expect the new management team to
sustain the tempo and minimise to the barest minimum cases of abuse and
infractions.
“I have no doubt that the new SEC DG will bring to bear his experience
at the CBN, to work closely with the apex bank for a stronger regulation
of the country’s financial system including proper regulation of the
emerging Fintec industry.
“It goes without saying that the new DG will need the support of SEC
staff to succeed. So, I expect him to also take as a matter of priority
the issue of staff welfare.”
The Publicity Secretary, Independent Shareholders Association, Moses
Igbrude, said the new management should adopt a collaborative approach
in handling investor-related matters to sustain market confidence.
He also underscored the importance of the capital market to economic
growth, noting that the understanding will compel the government to
initiate policies that will enhance market growth.
“The new DG should be ready to work with all stakeholders in the
Nigerian capital market. SEC’s major role is to protect the investors,
which should be his focus especially this period of the coronavirus
pandemic.
“His strategies should be on how to assist companies to improve the
performance of listed firms, amid a harsh operating environment. The
capital market as at today is grossly undervalued; he should focus on
how to reverse the trend and make the market more attractive.
“The issue of unclaimed dividend should be pursued vigorously. The new
management should also ensure that the demutualisation of Exchange is
completed in a transparent manner.”
The President, New Dimension Shareholders Association, Patrick Ajudua,
advocated a review of the Capital Market Master Plan to align with the
current trend.
“I want to congratulate the SEC DG on his appointment and assumption
of duty. It’s my expectation that he will position the market for
efficiency and effectiveness. There is a need to appraise and reposition
the capital market master plan to fit into the post COVID era.
“Also, education and awareness on capital market related activities
should be intensified. More so, the laws on investor protection should
be strengthened to guarantee safety of investment in the capital
market.”
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