- Tells CRAs to focus on investors’ protection
The Securities and Exchange Commission (SEC) has vowed to apply stiff sanctions to any capital market operators who engage in unethical conduct.
The Director-General, SEC, Mr Lamido Yuguda, said the commission had resolved to intensify monitoring and surveillance of the market.
He spoke at the Annual Stockbrokers Conference of the Chartered Institute of Stockbrokers (CIS) held in Lagos, according to a statement.
According to him, operators are the face of the market and they interact daily with investors, therefore they have to demonstrate the highest level of integrity and transparency in conducting their activities.
Yuguda urged CIS to mandate its members to take annual professional development programmes that would address the emerging issues in the industry.
He said, “Most of our more recent efforts at developing our market are targeted at contributing to the growth of the national economy. For instance, the core objective of the 10-year Capital Market Master Plan is to position the capital market for accelerated development of the national economy.
“Some level of success has been recorded from its implementation so far and efforts are currently ongoing to re-launch it for better impact during the remaining period of its implementation.
“As stakeholders, it is important to have a common understanding of the role the capital market plays not just as a catalyst of economic development but the trend, drivers and preconditions for a robust and viable capital market. The World Bank acknowledges that there are many areas of this relationship where research has been found thin.”
The SEC boss commended the CIS for organising the yearly event, adding that the annual conference had over the years established itself as a major calendar event on the schedule of policymakers and market participants.
Elsewhere, the Commission has also admonished Credit Rating Agencies (CRAs) operating in Nigeria to focus on investors’ protection in all their dealings, services and activities within the capital market.
This was contained in the goodwill message delivered on behalf of Mallam Yuguda, by its SEC’s Head of Monitoring Department, Mr Adamu Sambo at the inaugural Edition of DataPro’s Annual Webinar on Credit Rating Imperatives for Issuers and investors held in Lagos.
The webinar, attended by participants from different parts of the world, was hosted by DataPro, a technology-driven Credit Rating Agency and the Association of Issuing Houses of Nigeria (AIHN).
