The Securities and Exchange Commission (SEC) has restated its commitment to ensuring that the nation’s capital market attains its full potential through advanced technology.
Director-General of the SEC, Lamido Yuguda stated this during a meeting with the management team of Financial Sector Deepening (FSD) Africa.
FSD Africa’s support centres on the development of capital markets master plans, conducting institutional capacity assessments, and creating capacity for sustainable finance such as green bonds, helping markets to adapt to their operating goals.
Yuguda expressed the commission’s delight with the support from FSD Africa in the areas of human resource transformation, information technology strategy as well as capital market master plan review.
He disclosed that the master plan review has been concluded by PwC, adding that the implementation of the initiative will deepen the market and improve its contribution to the nation’s economic growth.
“I cannot but express my support to FSD Africa for the various support they have given to the commission in various areas.
“We are very excited about the Human Resource Transformation exercise as the report will assist the Commission in profound ways that will lead to optimal productivity of staff.
“What you are doing is commendable, you are looking at African financial markets and trying to assist to ensure that productivity and development are enhanced. We, therefore, assure you that these investments are well placed and we will continue to work to earn the confidence that you have in us,” he said.
He also stated that the review of the capital market master plans better positions the SEC to deliver on its regulatory objectives in the challenging times.
he said: “The FSD Africa and SEC Nigeria’s laudable partnership underscores our mutual goals to build financial markets that are robust, efficient and above all inclusive.”
The SEC boss disclosed that the current management is also looking at other sources to promote market efficiency and ensure that the aim of this support is not defeated.
He said the commission has prioritised the issue of human resource management to infuse a culture of excellence in the market.
“Thank you for the considerable assistance on IT. What we have done too is to explore domestic sources of funding for our IT infrastructure and thankfully, we are making tremendous progress in that regard,” he added.
Chief Executive Office FDS Africa, Mike Napier, expressed excitement on various initiatives embarked upon by the SEC to ensure a more vibrant and better capital market regulation.
Napier said well-functioning capital markets can play a vital role in support of inclusive economic growth by channelling long-term finance into infrastructure and other large-scale projects that create jobs and improve access to the market.
He added that strengthening regulatory capacity in capital markets is an essential pre-condition for building investor confidence.
He said: “We are very happy that you have taken these challenges to embark on these various initiatives to ensure that your processes are better which will ultimately lead to a better regulator for the capital market.
“In FSD Africa we are embracing innovation and that is why we are providing support for these various projects, it is a long journey but we know we will get there at the end of it all” He stated.
Napier also expressed satisfaction with the level of innovations in the market, stating that across Africa there are not many organisations that can do this especially given the issues of the paucity of funds.