SEC lauds NGX, CSCS, others on market devt

The Securities and Exchange Commission has commended the Nigerian Exchange Limited, the Central Securities Clearing System and other capital market stakeholders for professionally working to develop the Market while pulling through the challenges brought by Covid-19 Pandemic and its variants.

Director General of the SEC, Mr. Lamido Yuguda who spoke at a meeting with Capital Market Stakeholders Wednesday in Abuja said the NGX plays a very significant role in the Nigerian capital market, and as such, the Commission remains supportive of the NGX in the key role it plays towards developing the market.

The DG said the Commission is aware that the advancement of new-generation information technologies, the rapid innovation of financial instruments and the impact of the COVID-19 Pandemic are gradually transforming the operations of capital markets through the introduction of sound initiatives in the financial industry eco-system.

He said, “The past two years have been challenging for the Nigerian capital market, which is largely a reflection of the Pandemic-related unexpected challenges in global markets. However, the NGX has continued to deploy capable resources to tackle elements militating against the market’s growth.

“You will agree with me that the efforts made and gains achieved in this regard are as a result of the collective efforts of various stakeholders in the Nigerian capital market, including the Commission and the NGX Ltd. This emphasizes the importance of collaboration on the growth of our market”.

Yuguda said specifically, the launching of the Smart Surveillance System and X-Mobile App for retail trading; upgrading of the X-Issuer Platform to further enhance market integrity; and the X-Public Offer initiatives are highly commendable achievements that support our common goal of building a world-class capital market.

In his opening remarks, Chief Executive Officer of NGX Limited, Mr. Temi Popoola said there has been strong growth and market interactions in recent times which he attributed to collaborative efforts of stakeholders.

Last year we had the first E offer in the market and we are very glad about it.

Also speaking, Managing Director/CEO of CSCS, Mr. Haruna Jalo-Waziri welcomed the collaboration between markets, regulators and tiger stakeholders saying that the aim is to simplify the marker and give investors the experience they deserve to ensure they keep coming back.