The Chairman of the Senate Committee on Capital Markets, Senator Ibikunle Amosun has expressed the Senate support for the Securities and Exchange Commission (SEC) to ensure that investments are safe in the Nigerian capital market.
A statement by SEC in Abuja said Amosun stated this during a meeting with the management of the Commission, Wednesday.
Amosun stated that the Nigerian economy as it is today is in dire need of investments from both local and international investors adding that there is need to support the SEC in that direction.
He explained: “We are here today to meet with the management of the Commission, to know their areas of difficulties and explore ways we can introduce new laws or amend old ones to ensure that Nigeria becomes investors destination of choice.
“We are aware some of the enabling laws were made many years ago and probably no longer meet present day realities. The capital market can help fund a lot of our infrastructure deficit and that is why we are here”
The Committee chairman said for any nation to develop, the capital
Market has to be taken seriously.
“If the regulators are not very active there would be issues because this market thrives on integrity and confidence, if People don’t have confidence in the market they will not bring their money,” he added.
In her remarks, Acting Director General of the SEC, Ms. Mary Uduk
Said the Commission being the apex regulator in the capital market is responsible for overseeing the affairs of the capital market.
According to Uduk, “We over-see a lot of enforcement issues like Ponzi scheme. Presently we are going to expand our enforcement activities around Ponzi schemes to sensitise Nigerians on the dangers of investing in them.
“We already do a lot of enlightenment in that regard, but we are going to do more by translating these initiatives into Nigerian languages and Pidgin English and produce short videos for illustration.
“These initiatives are contained in the 10 year capital market master plan and we are going a step further to focus on commodities in a bid to diversify our economy”.
Uduk disclosed that as part of the efforts by the Commission to deepen the market and attract more investors, it recently held an
International Conference on Commodities market where various recommendations were preferred on ways to have a vibrant commodities trading ecosystem in Nigeria.