By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Bar Association (NBA) has offered to assists Nigeria’s Securities and Exchange Commission (SEC) resolve some of its compliance issues, petitions in respect of what happens in the equity market and other legal assistance that may be required, SEC in a statement made available to InvestAdvocate quoted Augustine Alegeh, president of the NBA as saying.
Alegeh and some of his members at a courtesy visit to Arunma Oteh, director general (DG) of the Commission in Abuja Nigeria said the legal association has already set up a committee on legislative advocacy which offers services free of charge, to ensure that proper laws are in place no matter whose ox is gored.
The NBA’s president expressed the interest of the Bar Association in working with the SEC in several areas in a bid to improve the country’s economic development.
On her part, Oteh said the partnership is essential for the two (2) organisations and the country in general to drive the present administration’s transformation agenda.
“Nigeria’s capital market has had big issues that have affected the integrity of the market; the timing is perfect for the SEC and the NBA to look at ways of collaborating in the interest of investors and the country’s economic development.
“The timing is right for us to look at how we can strengthen the relationship due to the value of the legal profession in fostering the rule of law in the society and the markets and the value of the capital market in transforming our economy. We can’t have a country that has such great potentials, has men and women that are entrepreneurs and still have a market this small,” she affirmed.
According to the SEC DG, Nigerians by nature are business men and the capital market in collaboration with the legal profession, should help to promote such businesses so that there is integrity and these businesses can grow to their full potentials by leveraging on the capital market.
“One area that people are beginning to talk about is the value of wealth distribution and addressing income inequality. If a mechanism can be instituted for creating wealth for anyone irrespective of his status or position in the society, then we would have democratised wealth creation and that is what the capital market does,” Oteh added.
She however, commended the NBA for being partners in the development of the capital market in Nigeria, “the Commission is committed to raising financially literate citizens in the country,” the SEC DG said.
“We are aspiring to evolve to the point of world class, this market must be one that will be the first point of call for all investors and we will get there,” she affirmed.
