Yuguda says capital market is growth driver

Newly-appointed Director-General, the Securities and Exchange Commission (SEC), Lamido Yuguda, has said the capital market has a lot of potential for the growth and development for Nigeria post-COVID-19.

According to him, the capital market is a crucial component for any economy, stressing that the SEC over the last two decades has worked with other relevant stakeholders to introduce and implement various initiatives targeted at improving the regulation and development of the market.

Yuguda said this on Monday when he resumed alongside other Executive Commissioners, namely, Reginald Karawusa; Ibrahim Boyi; and Dayo Obisan.

Besides, he said the Capital Market Master Plan launched in 2014, has the objective of positioning the local bourse for accelerated development of the national economy. 

He said: “Many of the plan’s initiatives have been successfully implemented, while many others are work in progress in line with its objectives. Therefore, the continued implementation of the plan will be one of the major focuses of the incoming management, while we also seek possible ways of strengthening it for enhanced impact, we would equally work towards improved market regulation, surveillance and general development.”

He explained that to do this effectively, the SEC needs to develop relevant capacities and foster collaboration in achieving its mandate. 

Yuguda assured that the new management will continue with the programmes on the ground, and consciously seek ways to improve them for the benefit of all stakeholders. 

“Together we must set our sights on achieving those milestones that are capable of making the capital market a powerful engine of growth for the Nigerian economy, with God’s help and our collective resolve and dedication, we shall succeed,” he added. 

He further revealed that investor protection would be at the centre of the initiatives of the new management, warning that any operator that short-changes investors would not go scot-free.

“We want to assure investors that this market is for them, and we are ready to do everything to ensure that we increase investor enlightenment through education, robust regulation, and fair dealing. For those that want to defraud investors, there would be no respite, because we are ready to fight market manipulation to the last; anyone that flouts our rules will be made to face the consequences of their actions,” he stated.

In her brief remarks before the handover, outgoing Acting Director-General, Ms Mary Uduk, said the Commission has in the past few years undertaken key reforms and achieved some regulatory millstones, and expressed the hope that the new management will build on achievements recorded so far.

She said: “In implementing the Commission’s mandate of regulating and developing the Nigerian capital market, most of our recent activities are guided by the Capital Market Master Plan (2015-2025). 

“This is a 10-year plan with over 100 initiatives to position the capital market for accelerated development of the national economy. It has an implementation governance structure (CAMMIC), to drive advocacy and ensure national buy-in. Through this, a series of engagements have been made with many of the Plan’s initiatives achieved.”

Yuguda, an economist, and investment manager is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), and a holder of the CFA charter. 

He brings to the Commission more than three decades of experience at the Central Bank of Nigeria.

 

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