SEC pledges collaboration on housing deficit reduction

The Securities and Exchange Commission has pledged to collaborate with relevant stakeholders on real estate investments in a bid to bring about a reduction in the housing deficit in the country.

Director General of the SEC, Mr. Lamido Yuguda made the pledge during a meeting with the Nigerian Institution of Estate Surveyors and Valuers in Abuja, Wednesday.

Yuguda stated that the SEC Values the service that NIESV provides to the capital market and the nation adding that there is a large room for greater collaboration between the Commission and the Institution.

According to him, “There is a renewed focus on Real Estate Investment Trust now, we are getting to see how the sector contributes more to our GDP by facilitating the trading of assets in the real estate sector. I think there is a huge room for collaboration, you have a very big role in the real estate sector

“Nigeria’s population is growing fast and we need everyone in Nigeria to have a roof over their heads. We do not want people to end their careers living in rented accommodation, people need to own their own houses because there is a lot of security and social value in owning your own house.

The SEC DG disclosed that the Commission values the services that the association provides to the nation and the capital market adding that there is room for collaboration between the Commission and NIESV so that the housing sector can contribute more to GDP as well as grow the economy.

Earlier in his remarks, Chairman Association of Capital Market Valuers Mr Chudi Ubosi stated that determining the values of assets of organizations in the capital market is the bedrock for decisions and a helpful tool in a range of work situations.

Ubosi said that valuation is useful in mergers, acquisitions and divestment because it helps to price an organization and to estimate and value synergies as well as assess potentials of different strategic options among others.

He said “Another useful bye product of conducting asset valuation prior to listing and during the currency of listing is to check asset stripping which we have seen recently in organizations and companies. The resulting documents from valuation will certainly make this impossible as it will make management accountable

He stated that the role of Capital Market Valuers in determining the value of the assets of these companies will ensure transparency, accountability and continued enhancement of investor confidence in the market.

Also speaking, President and Chairman of Council NIESV, Mr. Emmanuel Wike commended the SEC Management on the huge contribution the capital market is making to the economic development of the country and solicited for the strengthening of collaboration between the Commission and his Institution.