By Richard ABANGWU InvestAdocate
Lagos (INVESTADVOCATE)-The New Board of Nigeria’s Securities and Exchange Commission (SEC) Tuesday assured Stakeholders in the Nigerian Capital Market (NCM) of protection of investments.
Dr Suleiman Ndanusa, Chairman of the Board of SEC said this during a visit by its members to the Nigerian Stock Exchange (NSE) in LagosNigeria.
According to him, the visit is part of the strategies of the New Board to collaborate with all stakeholders in the Market with the aim of ensuring high level of regulation and protection of investments in the Nigerian Capital Market.
Similarly, Ndanusa at an interactive session with the Board and Management of the Central Securities Clearing System (CSCS) affirmed the Market would witness improved regulation following the coming in of the new Board in SEC.
”The absence of a Board in SEC for about six months delayed some actions, many things left undone would now be taken care of,” he said.
He expressed his delight over the innovative efforts of the new management of NSE and CSCS in ensuring that the Market is more attractive to investors. “SEC would support those efforts so that the aspiration of making the Nigerian Market investment destination in Africa is realised,” Ndanusa said.
”Our visit today is to see what you people are doing and assure you of our support. The New Board of SEC believes in working with all stakeholders, listen to the challenges and find solutions to them. We all have learnt our lessons from the downturn and moving forward we need to work together. It’s no longer possible to work in isolation. Our mission here is to show that it’s a new paradigm and we are excited with what we have seen,” Ndanusa affirmed.
According to him, the CSCS in particular is very critical and strategic for the Nigerian Market given the function its plays.
”The operations of CSCS are very critical in ensuring transparency, integrity and accountability in the Market. No matter the level of technology, without a strong depository the Market cannot grow,” Ndanusa said.
Oscar Onyema, Chairman of the CSCS in his welcome address said the visit of SEC team was historic and was a sign of good things to come.
He affirmed that the SEC Board comprises of experienced professionals capable of moving the Market forward.
In the same vein, Kyari Bukar, Managing Director/Chief Executive of the CSCS said the Central Depository was being transformed into a leading depository that can compete globally, ”with the support of the Board, the Management of CSCS is working with Market stakeholders to move the Nigerian Market forward; especially in the area of dematerialisation.
The SEC team included Arunma Oteh, Director General of the Commission, Zakawanu Garuba, Saadatu Bello, Adefunke Abiodun and Ugochukwu Ikemba
