The Nigeria Bar Association (NBA) and the Securities and Exchange Commission (SEC) are to work together to deepen the capital market by ensuring that the market is free, fair and transparent for all to operate.
A statement by Ag. Head Corporate Communication, SEC, Mrs. Efe Ebelo in Abuja on Tuesday said the Chair NBA Section on Business Law (SBL), Mr. Olumide Akpata called for the collaboration during a visit SEC’s Ag Director General, Ms Uduk.
While assuring the Ag. DG of the support of his members, Akpata said the members will work with the SEC to ensure that the capital market is free, fair and transparent for all to operate.
He disclosed that on its part, the NBA-SBL has embarked on a number of initiatives like its annual conference and the setting up of various committees to build capacity in business law.
According to him, “We are building capacity among our members to assist in capital market operations and we hope to partner with the SEC to deepen this understanding. Our members also go to the Nigeria Law School to mentor the students on the operations of the capital market and we are working with the Nigeria Stock Exchange to get a proper framework.
“We are also contemplating a collaboration with the National Institute of Advanced Legal Studies (NIALS) to commence a diploma in advanced commercial law so that our people can better understand the workings of the capital market”.
Ms Uduk in her remarks, appealed to the lawyers to support the commission in its regulatory roles, support the market and also be more involved in activities in the capital market.
She called on them to be more involved in the structuring of transactions, in the structuring and drafting of legal documents adding that in other jurisdictions, lawyers are at the forefront of capital market transactions, and Nigeria’s case should not be different.
“Lawyers are key players in the transactional processes which permeate the world of capital markets. They advise debt and equity issuers and the investment banks which structure and sell the financial instruments.”