Director General of the Securities and Exchange Commission (SEC) Nigeria, Mr. Lamido Yuguda, at the weekend canvassed the collaboration of relevant stakeholders with commission in its regulatory initiatives aimed at attracting investments required to bridge the nation’s infrastructure gap.
Yuguda, who made the call during a meeting with the new executives of the Chartered Institute of Stockbrokers (CIS) in Abuja, pointed out the Nigeria’s capital market was capable of attracting funds to tackle the increasingly worrisome infrastructure deficit in the country.
The Director General said: “We have huge infrastructure 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 government focuses on other issues”, Yuguda added.
He, however, maintained that for the capital market to attain its full potential, all stakeholders needed to ensure they perform their functions with integrity and fairness in a bid to restore investor confidence.
While commending the new leadership of CIS and assuring it of the commission’s support for a successful tenure, the investment expert recalled that the CIS had been a key partner with the SEC in its regulatory roles in the capital market and promised the CIS’ leadership that the SEC would continue to provide the needed support to it.
Yuguda further said that derivatives trading had commenced for people who want to manage their risks, adding that the commission is working to increase the literacy of Nigerians so they can take better investment decisions.
He explained: “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 revitalize this market”, Yuguda added.
In his remarks, President of CIS, Mr. Oluwole Adeosun, commended the SEC for the cordial relationship that had existed between the Commission and the Institute over the years.
The stockbroking expert said: “Thank you always because you have embraced the institute and made it clear that you desire a very harmonious relationship and we are happy about it.
“You have shown this in your actions since you came into office and we appreciate you for all your efforts and we pray that investors benefit greatly from their investments in the Capital market. Thank you for all your support to the CIS Bill”, the CIS President added.
