The Association of Capital Market Academics of Nigeria (ACMAN) has called on the new management of the Securities and Exchange Commission (SEC) to work closely with all the relevant stakeholders to take capital market education to higher institutions nationwide.
ACMAN President, Uche Uwaleke in a statement to journalists on Tuesday in Abuja, also urged the SEC management to ensure the revised blueprint for capital market development is integrated into the federal governments 2nd Economic Recovery and Growth Plan (2021 – 2025).
“As you well know, a major challenge facing the capital market is the low level of retail investors’ participation which is not unconnected with low capital market literacy in the country,” Uwaleke, who is a Professor of the Capital Market and Finance at the Nasarawa State University said.
The former Imo State finance Commissioner, noted that as a starting point, the DG “should be to carry out an assessment of the implementation of the capital market master plan to determine outstanding issues with a view to revising and updating the roadmap.
“This is very vital because the current ERGP paid little or no attention directly to issues pertaining the capital market. Mainstreaming the revised capital market Plan into the new ERGP will ensure that the growth of the capital market becomes a key policy issue going forward including through the provision of fiscal incentives.
“The issue of investors’ confidence is equally paramount. This has improved in recent times owing to the efforts of the Commission in enforcing discipline in the market. I expect the new management team to sustain the tempo and minimize to the barest minimum cases of abuse and infractions,” he added.
While congratulating the new DG on his appointment, he urged him to bring his wealth of experience to bear on the sector.
“Let me begin by congratulating the new SEC DG and his team on their appointment.
“I have no doubt that the new SEC DG will bring to bear his experience at the CBN to work closely with the apex Bank for a stronger regulation of the country’s financial system including proper regulation of the emerging Fintec industry.
“It goes without saying that the new DG will need the support of SEC staff to succeed. So, I expect him to take as a matter of priority the issue of staff welfare,: he further said.