SEC woo local stakeholders’ involvement in bridging infrastructure gap

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Capital market stakeholders have been urged to co-operate with the Securities and Exchange Commission (SEC) in its effort to bridge the infrastructure gap in Nigeria.

Director-General of the SEC, Lamido Yuguda stated this during a meeting with the new executives of the Chartered Institute of Stockbrokers (CIS) in Abuja, recently.

Yuguda reiterated that the capital market is capable of attracting long-term funds needed to bridge the nation’s current infrastructure deficiency.

The SEC DG however stated that for the capital market to attain full potential, all stakeholders need to ensure they carry out their functions with integrity and fairness in a bid to restore investor confidence.

“We have a huge infrastructural deficit in the country like insufficient power, lack of good roads, among others. We want our country to have good infrastructure and I know this is possible with the help of the capital market and other stakeholders.

“It requires adequate planning and financing and we can achieve it as a nation. The capital market through the private sector can fund road construction while the government focuses on other issues,” Yuguda said.

The SEC boss acknowledged CIS as a key partner in the Commission’s regulation of the market while assuring them of the commission’s support for a successful tenure.

“On behalf of the board and staff. We will give you all the possible cooperation you desire to make your job easy. We are here to support this market and make it the market we all desire,” he said.

Yuguda stated that derivatives trading has commenced for people who want to manage their risk, adding that the SEC is working to increase the literacy of Nigerians so they can make better decisions.

“The future for this country is bright and we have the young population to push it. We can have a much better standard of living than we have now and we hope you will continue to give a lot to the market.

“We are committed to any initiative that will further spur the growth of the capital market. We also have a review of the ISA Bill pending at the National Assembly and that bill has a lot that will revitalise this market”, he added.

President of CIS, Oluwole Adeosun commended the SEC for the relationship that exists between the two institutions. He thanked the management for always supporting the CIS.

Former President of CIS, Olatunde Amolegbe also applauded the DG for the efforts the management has been making to support the CIS, adding that the institute has been able to function effectively due to the support of the SEC.