The board of securities and Exchange Commission was inaugurated on Monday by Federal Government giving a clear directive to the board in making the stability of the capital market a cardinal objective.
The permanent secretary in the Ministry of Finance, Mahmoud Isa-Dutse inaugurated the nine-member board under the chairmanship of Mr. Olufemi Lijadu.
The permanent secretary in the Ministry of Finance urged the the board of Securities and Exchange Commission to restore investor’s confidence in the capital market with their wealth of experience.
The permanent secretary in the Ministry of Finance, Mahmoud Isa-Dutse stated,
” The inauguration of the board of the SEC that we are conducting today is critical as the existence and operation of a board are fundamental for an agency like the SEC to adequately and efficiently perform its regulatory and market development functions.
“It’s in recognition of this that the Investments and Securities Act 2007, requires the Commission to have a board.
Section 4 of the Act specifically provides that the SEC board shall be responsible for the general administration of the Commission,
And in particular, shall formulate general policies for the regulation and development of the capital market.”
The nine-member esteemed board of the sec was charged by the Permanent Secretary in the Ministry of Finance
To ensure that the activities of the capital market are conducted in a most transparent manner in line with the global best practices.
The permanent secretary stated,
“Our capital market is growing and evolving. To sustain this growth and eventually transform to a world-class capital market, transparency and investor confidence is key.
“Investor confidence will accelerate the growth of our market and increase both domestic and foreign investor participation.
“Therefore, we must ensure that our market is transparent and listed companies imbibe good corporate governance and accountability.
“Like world-class capital markets, that ours should be characterized by high levels of liquidity, depth, breadth, and most sophisticated with a very strong domestic investor base.
“It should be innovative, transparent due to robust disclosure regimes, and efficient both in price discovery and in the allocation of capital.”
In response, the board chairman lijadu assured its members would provide and use their experience in making the capital market play its in developing the economy.