The Nigerian capital market has been described as a very critical tool that could rescue the nation’s economy from the brink of recession in the face of COVID-19.
This was stated by the Chairman of the Senate Committee on Capital Markets, Senator Ibikunle Amosun during the screening of nominees for full-time Director-General and Commissioners of the Securities and Exchange Commission (SEC) in Abuja, Wednesday.
Amosun said that the capital market had the depth to revamp the nation’s poor state of infrastructure, noting that there was no better time than now for federal and state governments to leverage opportunities provided by the capital market for sourcing infrastructure financing.
“We now know what the capital market can do to rescue the economy at a time like this. Shares are tumbling but we hope it won’t last long, however, we also have to look inward and explore ways of diversifying our economy away from crude oil.
“If we have to diversify our economy, the capital market has a role to play and that is why we are here to support you.
“And that is why we have suspended everything else to go on with this screening. We will support the capital market for our country to realise these economic goals,” he stated.
The committee chairman commended stakeholders in the market on their efforts so far, adding that there was room for improvement in efforts to getting the nation’s economy on the right path.
He assured that the National Assembly was ready to assist with enabling legislation that would provide the right environment for the capital market to thrive.
“But there is room for improvement to get our economy to where we want it to be. We need to have the enabling laws in place to create an enabling environment for the market to thrive and the national assembly is ready to assist in that regard,” he added.
In his remarks, the incoming DG, Mr. Lamido Yuguda, pledged the determination of the nominees in ensuring that the capital market in Nigeria realises it’s full Potentials.
Yuguda said the incoming management is willing to work with operators and stakeholders to ensure robust regulation of the capital market.
He further stated that investor protection would be at the centre of the initiatives of the new management warning that any operator that short-changes investors would not go Scott free.
“We want to assure investors that this market is for them and we are ready to do everything to ensure that we increase investor enlightenment through education, robust regulation and fair dealing”
“For those that want to defraud investors, there would be no respite because we are ready to fight market manipulation to the last, anyone that flouts our rules will be made to face the consequences of their actions ” he stated.
The Incoming SEC Boss commended the committee on their efforts towards revamping the capital market, adding that the incoming management would work with the Committee to achieve more results.
“We have seen the passion this committee has for the capital market. We are ready to work with this committee to ensure that the capital market is a pride to this country” he added.