- Government Inaugurates New SEC Board
The Federal Government on Monday inaugurated the new Securities and Exchange Commission (SEC) board.
Alhaji. Mahmoud Isa-Dutse, the Permanent Secretary of the Federal Ministry of Finance, who conducted the investiture in Abuja, appointed Mr. Olufemi Lijadu as Chairman of the Board of the Commission.
Mahmoud in his opening remark said, “This event signals another milestone in our efforts to emphasize the importance of the capital market in economic growth and development through the mobilization of long-term savings for investment as well as efficient pricing of financial instruments.
“The Nigerian Capital Market, in particular, has provided platforms through which corporate and government sources for capital with which they expand their operations and provide amenities for the citizens.
“The inauguration of the Board of the SEC is critical, as the existence and operation of a board are fundamental for an agency like the SEC to adequately and efficiently perform its regulatory and market development functions.
“It is in recognition of this that the Investments and Securities Act (ISA) 2007, requires that the Commission have a Board and Section 4 of the Act specifically provides that the SEC Board shall be responsible for the general administration of the Commission.”
He further added: “Our capital market is growing and evolving. To sustain this growth and eventually transform to a world-class capital market, transparency and investor confidence is key.
“Investor confidence will accelerate the growth of our market and increase both domestic and foreign investor participation. Therefore, we must ensure that our market is transparent and listed companies imbibe good corporate governance and accountability.
“Like world-class capital markets, ours should be characterized by high levels of liquidity, depth, breadth and sophistication with a strong domestic investor base. It should be innovative, transparent due to robust disclosure regimes, and efficient both in price discovery and in the allocation of capital.
“We must have it in mind that world-class capital markets do far more than provide access to capital. They are enablers of socio-economic development because they hasten the rate of capital formation, foster a meritocracy and promote good corporate governance, innovation and entrepreneurship.
“Thus, our capital market should broaden access to economic prosperity by enabling the emergence of financially responsible citizens, accelerating wealth creation and wealth distribution, providing capital to small and medium scale enterprises (SMEs). and catalyzing housing finance.”
