Federal Government Inaugurates Securities and Exchange Commission (SEC)

The Federal Government on Monday at last initiated the re-comprised board the Securities and Exchange Commission (SEC) comprising of nine individuals and headed by Mr Olufemi Dominic Lijadu.

The introduction is coming after the Commission has been famished of a board for a long time, as the last one injured up in 2015 under the administration of Mr Peter Obi.

Talking at the occasion, the Permanent Secretary, Ministry of Finance, Mr Mahmoud Isa-Dutse said the new board flag another achievement in our endeavors to stress the significance of the capital market in monetary development and advancement through the assembly of long haul reserve funds for speculation just as productive estimating of money related instruments.

The low maintenance individuals from the board are; Mr. Olufemi Dominic Lijadu Chairman; Mr. Okokon Ekanem Udo, agent of the Federal Ministry of Finance; Mrs. Angela Adewumi Sere-Ejembi-delegate of the Central Bank of Nigeria; Mrs Faruk Lodi Rekiya and Mr. Lamido Abubakar Yuguda.

The full-time individuals are; Mrs. Mary Joseph Uduk who is the Acting Director-General, Mr. lsyaku Bala Tilde, Mr Reginald Karawusa, Mr. Henry Adekunle Rowlands.

The Permanent Secretary stated: "Our capital market is developing and advancing. To continue this development and in the end change to a world-class capital market, straightforwardness and financial specialist certainty is critical. Financial specialist certainty will quicken the development of our market and increment both household and outside speculator investment.

"Consequently, we should guarantee that our market is straightforward and recorded organizations soak up great corporate administration and responsibility. Like world-class capital markets,

our own ought to be portrayed by abnormal amounts of liquidity, profundity, broadness and

modernity with a solid local speculator base. It ought to be imaginative, straightforward because of vigorous exposure routines, and proficient both disclosure and in the allotment of capital.

"We should have it as a top priority that world-class capital markets do unquestionably more than give access to capital. They are empowering agents of financial advancement since they rush the rate of capital arrangement, cultivate a meritocracy and advance great corporate administration, development and business. Along these lines, our capital market ought to expand access to monetary success by empowering the development of monetarily dependable natives, quickening riches creation and riches appropriation, giving money to little and medium scale ventures

(SMEs), and catalyzing lodging money. It is vital that this introduction is coming when numerous players in our market are showing frail corporate administration rehearses that could conceivably hose financial specialist certainty and undermine the unfaltering increases we have accomplished since the 2008 securities exchange crash. We, in this manner, rely on the energetic administration of the new board individuals to have their own influence as urgent empowering agents in the business towards propelling a typical vision for the development and revitalisation of our market," he clarified.

Isa-Dutse included that the Nigerian capital market, specifically, has given stages through which corporate and governments hotspot for capital with which they extend their activities and give enhancements to the natives.

"You will all concur that the initiation of the Board of the SEC that we are leading today is basic as the presence and activity of a board are central for an organization like the SEC to enough and proficiently play out its administrative and market advancement capacities. It is in acknowledgment of this that the Investments and Securities Act (ISA) 2007, necessitates that the Commission have a Board and Section 4 of the Act explicitly gives that the SEC Board will be in charge of the general organization of the Commission and, specifically, will; define general strategies for the guideline and improvement of the capital market and the accomplishment and exercise of the elements of the commission: "Favor the evaluated and the executives records of the Commission: delegate Auditors for the Commission: consider and endorse the yearly spending plan of the Commission as might be displayed to it by the administration: set up zonal workplaces of the Commission: and do such different exercises as are essential and convenient for the reasons for accomplishing the targets of the Commission.

"On the proposal of the Director-General, endorse the obligations of the full time chiefs," he included.

In his comments, the Chairman of the Board, Lijadu said he anticipated reinforcing the capital market where guidelines are authorized and enforceable and everybody is ensured.

"There is have to fortify open trust. We wiill enthrone straightforwardness and responsibility," he said.

Tread Started by: Christian Uriel On 6:00pm Jun 24