The Securities and Exchange Commission (SEC) has rolled out new initiatives to drive activities in Nigeria’s capital market in alignment with the Federal Government’s one trillion dollar economy target.
Director-General of the SEC, Dr Emomotimi Agama, said this at a press briefing in Lagos, weekend.
Agama expressed the determination of the commission to continue to encourage companies to list and urged the exchanges to take steps to attract new listings to align with the government’s $1tn economy target.
He said more companies should be encouraged to list on the exchange to improve market making and liquidity.
Agama expressed optimism about unlocking the full potential of the capital market, in aligning with the Renewed Hope Agenda of the President Bola Ahmed Tinubu led administration.
He also highlighted initiatives aimed at ensuring that the rulemaking process of the Commission becomes faster and more efficient.
“These include defragmenting the rules with a view of codifying the rules into a comprehensive rule book.
“Also, the Commission is presently updating rules on digital assets, has put in place guidelines for the banking recapitalisation exercise, as well as come up with guidelines for onboarding Virtual Assets Service Providers,” he said.
This, he said, was aimed at bringing the millennials, who contribute 70 per cent of the population, to participate actively in the nation’s capital market.
The Director-General urged Capital Market Operators to invest in modern technology to improve trading platforms and data dissemination.
He advised that introducing new products such as derivatives, REITs, and ETFs would attract investors.
Agama noted that the fight against cybersecurity remains a priority, with the Nigerian government implementing policies and establishing a cybersecurity committee within the capital market to manage and disseminate critical information, with the Commission at the vanguard of the initiatives.
“These initiatives underscore the SEC’s commitment to fostering a secure and robust capital market environment in Nigeria,” he said.
He further stated that strengthening regulatory bodies, enhancing enforcement, and adopting international best practices were essential to market efficiency, transparency and global competitiveness, noting that promoting good corporate governance, encouraging private sector investment, developing alternative assets, and incentivising corporate bond issuance were crucial to market growth and development.
