SEC To Enforce Capital Market Rules

AMINA HUSSAINI

The Director-General of the Securities and Exchange Commission (SEC), Lamido Yuguda, has said the commission will enforce its capital market rules in order to restore investors’ confidence.

He stated this during the first capital market committee meeting which was virtually attended by over 240 stakeholders in the capital market.

Yuguda stated that the Commission will maintain an environment that is enabled by an appropriate regulatory framework.

This, according to him, will be implemented through timely and affordable access to the capital market, zero tolerance for infractions, investors’ confidence and awareness, innovative product development, and good governance practices.

“We need to restore investors’ confidence and attract retail and young investors into the market.

“Thus, we will ensure strict enforcement of our rules and regulations, strengthen our enforcement regime and clamp down on illegal operators luring unsuspecting investors with various Ponzi Schemes,” he said.

The SEC boss reiterated the commission’s commitment to implementing the ongoing initiatives of the Nigerian Capital Market’s Master Plan and other related initiatives targeted at its development.

He further promised to continuously seek ways of improving these initiatives, while efforts are being made to introduce new ones to the benefit of capital market stakeholders.

On Covid-19 pandemic, Yuguda said SEC had established a Capital Market Support Committee, headed by Ariyo Olushekun, to raise funds and offer various supports at national and sub-national levels.

“The committee, on behalf of the Nigerian capital market, has so far donated five ambulances to various state governments as well as the Federal Capital Territory and the Presidential Task Force on Covid-19.

“In addition, the committee has distributed several face masks, infra-red thermometers and other medical equipment, including food items,” he noted.

He disclosed that the Capital Market Support Committee will develop a strategic healthcare infrastructure fund.