Covid-19: Reps To Back Capital Market With Enabling Laws
AMINA HUSSAINI
The House of Representatives will support the growth of Nigerian capital market with enabling laws to make it play a pivotal role in the economy.
Members of the House of Representatives Committee on Capital Market and Other Institutions gave the pledge during a meeting in Abuja with the new management of the Securities and Exchange Commission.
The Chairman of House Committee on Capital Market, Ibrahim Babangida, said the capital market provides a way out for the rescue of the country during this period of COVID-19 pandemic.
“The House of Representatives is willing to provide support by way of enabling laws the growth of the capital market.
“With the issues the nation is currently facing as a result of COVID-19, the capital market is an option that can rescue the economy from collapse,” Babangida was quoted as saying in a statement issued by SEC’s Head of Corporate Communications, Efe Ebelo, on Sunday.
The committee chairman stated that both parties agreed to work together to reduce challenges confronting the SEC such as legislative issues, policy issues, and operational issues.
“We have all agreed that there is need to look inwards to see how best we can boost confidence in the market and to also make sure that the process of investing in the capital market is as simple as possible,” he stated.
Babangida said the National Assembly is willing to work with the SEC management to ensure that the processes in the capital market are simplified to allow free entry and exit for investors.
“We want to see at the end of the day that there is easy entry and exit and that the processes are as simple as possible.
“People should be able to buy and sell at their convenience without any complexity in the process. You can invest in the market today and decide to divest tomorrow, you get your little profit and move on.
“We all agreed that these type of discussions will be as regular as possible. We will continue to exchange of ideas and be honest and sincere in our approach to ensure that we bring a new lease of life to the Nigerian capital market,” said the chairman.
He advised investors to exercise some patience for the House of Representatives and SEC to resolve the legislative, policy and operational issues.
“I wish to tell investors that they should continue to be patient with us as we work out these issues to boost their confidence.
“We are aware of their plight especially their experiences in recent past, but we will do our best to restore confidence in the market.
“We want to assure investors that with the new Management we have now at the SEC, we are going to take the capital market to the next level,” he added.
Director General of the SEC, Lamido Yuguda commended the Committee for its interest in making the capital market transparent and more investor friendly.
Yuguda said, “This committee is very important to us at the SEC. We have had very useful discussions with the Chairman and he has assured the SEC of the cooperation and support of the committee as we set out to discharge our responsibilities.
“The National Assembly and the SEC are very passionate about the same things like investor protection and making the capital market processes less cumbersome so that investors can access their monies more readily that it is at the moment.
“We hope to work together to achieve a capital market that we would all be proud of.”
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