The Securities and Exchange Commission (SEC) has expressed its readiness to collaborate with the Risk Management Association of Nigeria (RIMAN) in its quest to make more products available in the capital market as well as deepen the market
The Director General of the SEC, Mr. Lamido Yuguda, gave this hint in a goodwill message on the RIMAN’s 20th International Conference held virtually.
Yuguda disclosed that from the outbreak of the COVID-19 pandemic to the subsequent lock down, the Commission had worked with Capital Market Operators (CMOs)and other industry stakeholders to ensure that the impact of the pandemic remained minimal on the operations of the
He explained: “We have supported and acquired the emergence of various technological driven innovations around market operations and products some of which include Fintech, Digital Assets and Crowdfunding.
“To support this, we developed a regulatory framework to galvanize these activities while focusing on managing the risk inherent in the products and activities in-line with our mandate of market development and investor protection.
“In supporting these innovations, we hope to build a better market, attract more investors, and reduce the demographic of the average age that presently invest in our market. We also hope to include millions whom were excluded from the capital market by making it easier for them to gain access.
“To achieve this, there is a need to collaborate with an organization such as yours and we hereby invite you to contribute in whatever way you can in building the Nigerian Capital Market. We invite you to do more in building the risk management capacity in the capital market, to conduct studies in risk capital market processes and products ad contribute your opinions and recommendations to our exposed rules”, the DG added.
Yuguda pointed out that with increased membership, the association had been more feasible in capacity building in the area of risk management and in organizing knowledge-enriching programmes such as the conference, adding that “since the SEC’s registration as institutional member of the association, the Commission has endured several benefits that cut across capacity building and the opportunity to share ideas. We will sustain this relationship and continue to contribute in any way we can to help the organization succeed and develop risk management practice in Nigeria”.
The SEC boss described the theme for this year’s conference ‘Risk Management in a Digital Era’ as apt and could not have been discussed at a more appropriate time as the corona virus pandemic has increased the need for the use of technology in the corporate world assuring that as the regulator of a dynamic capital market the SEC would see this technological transformation as an opportunity to change the way it works and the way it performs its regulatory functions.
He, therefore, pledged the willingness of the Commission to partner the association in its activities towards developing risk management practice in Nigeria.
