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Home Uncategorized

SEC optimistic of capital market’s growth in 2022

The Matters Press by The Matters Press
January 10, 2022
Reading Time: 2 mins read
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SEC frowns at resurgence of Ponzi schemes

The Securities and Exchange Commission (SEC) has expressed the optimism of the capital market growth in 2022 due to its various initiatives.

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The Director-General of SEC, Mr Lamido Yuguda, said this in a statement released by the Commission in Abuja.

He expressed hope that as the restrictions of COVID-19 and its variants were eased up, the market would witness renewed confidence expected to introduce investments from domestic and foreign investors.

Yuguda said that SEC would also inaugurate the revised version of the 10-year Capital Market Master Plan during its forthcoming conference.

He said the plan would reflect the dynamism of the market and developments in FinTech among others.

”As we expect improvements in both economic and capital market activities, we must remain committed to developing the market in line with the 10-year Master Plan.

”Some of the key initiatives to be pursued in 2022 are the repeal of the Investment, Securities Act (ISA) 2007 and passing of the Investment and Securities Bill 2021.

“In conjunction with the National Association of Securities Dealers (NASD) platform, we will provide the necessary incentives and support to attract SMEs to get listed.

”Already, rules on crowd-funding to encourage new funding sources for the SMEs have been developed.

”The SEC will continue to enhance the existing regulatory framework guiding the operations of the market by keeping pace with the evolving changes in market practices,” he said.

Yuguda said the Commission would improve coordination with other stakeholders such as the National Assembly, CBN, PENCOM, NAICOM, DMO and FIRS to create synergies toward ensuring that the objectives of the master plan were met.

He added that that SEC would carry out advocacy efforts to relevant government agencies to ensure listing of their shares.

He explained that policies would also be championed to incentivise companies, like the new Dangote Refineries to offer its shares to the public and list on any of the commission’s registered platforms.

”We also plan to provide extra support to the registered commodities trading platforms to complement government’s renewed diversification efforts in agriculture,” he said.

Tags: SEC
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