In a bid to address longstanding challenges associated with market infractions, the Securities and Exchange Commission (SEC) has reported substantial progress in its ambitious IT project. This project, aimed at enabling real-time detection of market violations, has surpassed the 75 percent completion mark, signaling a potential paradigm shift in market oversight.
Former SEC Director-General, Lamido Yuguda, speaking at a virtual Post Capital Market Committee press briefing held in Lagos, emphasized the transformative potential of this initiative. He underscored its role in improving internal efficiency and reducing time-to-market, thereby fostering a more secure and investor-friendly landscape.
Yuguda further elaborated on the SEC’s multi-faceted approach to bolstering market integrity and stability. Notably, the commission has implemented a robust risk management and internal control framework for the National Investor Protection Fund (NIPF), slated to commence operations in the current quarter. This move reflects the SEC’s unwavering commitment to safeguarding investor interests and enhancing market confidence.
Market supervision has also been a focal point for the SEC, as Yuguda highlighted intensified efforts to monitor fund managers and address vulnerabilities through targeted inspections. These proactive measures have led to the implementation of corrective actions designed to fortify the overall stability of the fund management industry.
Moreover, Yuguda emphasized the SEC’s proactive stance on embracing financial technology (FinTech) innovations while prudently managing associated risks. The commission is actively working to establish regulatory frameworks for the burgeoning digital asset space, ensuring that market participants can navigate this evolving landscape with confidence.
In alignment with the Federal government’s infrastructure development agenda, the SEC has greenlit five infrastructure fund shelf programs totaling ₦1.5 trillion, signaling a significant step forward in mobilizing capital for critical projects. Yuguda commended the Central Bank of Nigeria (CBN) for its recent policy on bank recapitalization, pledging to issue guidelines that facilitate an efficient capital-raising process.
As the capital market continues to demonstrate resilience and strength, Yuguda expressed confidence in its ability to meet the funding needs associated with banking recapitalization. He emphasized the importance of sustained collaboration with stakeholders to drive sustainable economic growth and prosperity, positioning the capital market as a beacon of opportunity for investors and enterprises alike.
The SEC’s relentless pursuit of enhanced market oversight and efficiency reflects its commitment to fostering a robust and investor-friendly environment. With key initiatives underway, stakeholders can anticipate a more transparent and resilient capital market poised to support sustainable economic growth and prosperity.
Credit: The Guardian NG (Text Excluding Headline)
