The Securities and Exchange Commission (SEC) has enjoined all shareholders to take advantage of the initiatives introduced in the capital market aimed primarily at strengthening the market and accelerating economic development.
This, SEC said is in consonance with the present administration’s economic strategy focused on deepening the capital market as a vehicle for encouraging a private sector-led economy with enhance productivity.
Some of the initiatives, SEC stated, include direct cash settlement, dematerialisation and e-dividend mandate management system, as they promote transparency, protect and enhance investors’ confidence in the capital market.
The Director-General, SEC, Mounir Gwarzo, who stated this over the weekend at the Exchange’s Special Day at the 2017 Lagos International Trade Fair, said that the initiatives, which have reached an advanced stage, are expected to transform the capital market into a world class and in turn, transform the nation’s economy for global investors.
Represented by the Director, Lagos Zonal Office, SEC, Stephen Falomo, Gwarzo assured that aside the challenges facing the capital market, the commission is committed to ensuring efficient, vibrant and competitive market that will contribute to the nation’s development.
He added that the processing fee for dividend management system has been paid by the commission, stating that it is free until December 31, 2017.The President of the Lagos Chamber of Commerce and Industry (LCCI), Nike Akande who commended the commission under its present leadership, said that the activities of SEC have clearly helped to nurture professionally regulated securities market in Nigeria.
She urged the National Assembly to ensure expeditious passage of the Investment and Securities Bill, the Companies and Allied Matters Act (CAMA as amended) and the Financial Reporting Council of Nigeria Act (amended) for enactment.
According to her, this is towards creating a more conducive regulatory environment in the capital market, adding that early passage of the bills will strengthen the capital market institutions and restructure the operations of the market in line with international best practices.
“We reiterate our call on the government to create a conducive business environment that protects the interests of investors and guarantees contract execution according to international best practices.
“A conducive regulatory and business environment will encourage the large corporates in Nigeria to consider listing in the Nigerian Stock Exchange. This will deepen the capital market and attract more foreign portfolio investment into the country,” she said.
By Gloria Ehiaghe
The Guardian Newspaper November 13th, 2017