How Capital Market Can Boost Nigeria’s Growth – SEC Boss
The Securities and Exchange Commission (SEC) has expressed its desire to automate its processes to conform to modern innovations and technological trends.
The new Director-General of SEC, Lamido Yuguda, dropped this hint on Monday in Abuja at a meeting with the Minister of Communications and Digital Economy, Isa Ali Pantami.
A statement issued by the Head, Corporate Communications of SEC, Efe Ebelo, quoted the SEC boss as saying the automation of the capital market’s processes will it more friendly and attractive to investors.
Yuguda said, “Presently, we have a lot of documents and papers being brought to the Commission for one approval or the other, we think that if we can digitalise our processes and these documents are transmitted to us electronically, it will make it easier for the market that we regulate and also stimulate growth.
“If we can achieve that, it will also reduce cost and increase efficiency, that is why we are here today to discuss with you on areas we can work together to achieve this.”
The SEC boss assured that the Commission will continue to engage and collaborate with all stakeholders to ensure that the capital market remains resilient.
He noted that the advent of COVID-19 had brought about new thinking by the SEC, particularly with the use of technology.
“The COVID-19 has shown what can be achieved with technology, as the capital market has been working in spite of lockdown and effects of the pandemic.
“When the lockdown started, the Commission activated its Business Continuity Process which saw the staff of the Commission working remotely while all our electronic channels remain open to provide the necessary support to capital market stakeholders.
“We also told public companies which plan to conduct AGMs to ensure that the conduct of the meetings complies with the provisions of the Companies and Allied Matters Act, the Investments and Securities Act, the SEC Rules and Regulations, relevant government and health circulars and guidelines issued in this regard,” he said.
In his remarks, the Minister of Communication and Digital Economy, Pantami expressed the readiness of his team to collaborate with the SEC in automating its processes.
He added that that the present administration was committed to promoting a digital economy.
“We have seen the advantages of digitalisation of processes during this lockdown, and that is what kept us going during the lockdown period.
“We are currently at the forefront of promoting digital economy,” the Minister stated.
Pantami expressed the ministry’s desires to look into areas of collaboration with the SEC towards digitalising its operations to ensure a better capital market.
“Digitalisation will certainly make processes easier and that is why we are championing it,” he added.