Nigeria’s SEC, stockbroking firms mull partnership to deepen capital market participation
Adesola Afolabi was a businessamlive reporter and Head of Financial desk.
Nigeria’s Securities and Exchange Commission (SEC) is considering collaborating with stock broking houses in Nigeria and other relevant stakeholders towards deepening the nation’s capital market.
Mary Uduk, the acting SEC DG, said the commission is open to suggestions and actions that would make the capital market vibrant, adding that such collaborative efforts would be with associations and persons that are fit and proper to operate in the market.
Uduk stated this when members of the Association of Stockbroking Houses of Nigeria (ASHON) met with management of the SEC in Abuja at the weekend.
According to her, the SEC is willing to collaborate with the association to lift the market and reposition it among leading capital markets that meet international standards and best practices.
Uduk noted that a well-functioning capital market was essential to Nigeria’s economic development, saying that the country must have a world class capital market that is strong, sustainable, effective, and plays a central role in economic development.
Commending members of the group on their efforts so far in deepening the market, especially for their support towards the financial literacy campaign of the SEC, Uduk assured them of the readiness of the SEC to continue to work with them.
“It’s good that we work together to take our capital market to the height we want it to attain. We are ready to engage with you to give us clarity on several issues relating to the market.
“We are open to discussions that will benefit the market, the market is the most important in all our engagements,” she stated.
Onyewechukwu Ezeagu, chairman ASHON, also pledged the commitment of the group to the growth of the capital market adding that whatever is done to make the market work is of concern to the association.
“We have always worked with SEC and will continue to do so and accord you all the co-operation you require to succeed,” Ezeagu said.
On financial literacy, the ASHON chairman said the group will continue to collaborate in every way possible to reach financial illiterates in the country.