By Tony Obiechina, Abuja
Stakeholders in the Nigerian capital market, the financial services sector and the academia have commended the foresight of Nigeria’s first Professor of Capital Market Studies, Uche Uwaleke which led to the setting up of the Institute of Capital Market Studies at the Nasarawa State University Keffi.
With the setting up of the Institute of Capital Market Studies, Nasarawa State University Keffi has officially become the first tertiary institution in the entire region of Africa to achieve this feat.
At the official flag off of the institute, stakeholders commended Uwaleke for being the vision behind the setting up of the institute and also accepting to be the pioneer director.
The stakeholders who attended the flag-off event include the Senate Committee Chairman on Banking, Senator Tolunbo Abiru; the Senate Committee Chairman on Science and Tech; the Director-General of the Securities and Exchange Commission Lamido Yuguda; the Auditor-General for the Federation, the Chairman of the Nigerian Exchange Group; former Special Adviser to Nigeria’s President Magnus Kpakol; among others.
Uwaleke who gave the address of welcome, commended the Vice Chancellor of the University and the Senate for supporting his vision for the setting up of the institute.
He said the Institute of Capital Market Studies would focus on solving problems in the Nigerian economy through evidenced-based research, particularly in the financial markets.
The varsity Don said the need for evidenced based research to solve economic and financial problems has become compelling as many developing economies are currently facing series of challenges, which the institute has been set up to offer practical solutions to.
”I want to thank the VC for approving the institute. Our major focus is on research, particularly in the financial markets.
“Developing economies face numerous challenges, and this institute will focus on evidence based research. The institute will be coming up with policy recommendations that will assist the economy and the government. We hope to see students from Ghana, South Africa, and other countries.
“We will only be admitting people who already have knowledge of the capital market so that they can conduct evidence-based research that can solve problems”, he said.
In his remarks, Abiru described the idea behind the establishment of the institute as very commendable because it is the first in the whole of Africa.
He said the Institute is necessary for Nigeria’s growth, adding that it will also facilitate the activities of his committee at the Senate.
He added that the institute would also make significant recommendations for long-term funding for the capital market.
He said,” This institute will facilitate the activities of my committee at the NASS. This will make significant recommendation for long term funding for the capital market.”
In his address, the SEC DG said a vibrant capital market is vital for the economy, noting that by this institute, research carried out there can help investors navigate the dynamic nature of the capital market.
He said the Commission is working with education research institute to develop curriculum for financial education programmes, noting that it will work with NSUK capital market institute to create a more vibrant capital market that will serve the interest of all. This, he noted,is in line with the SEC ten year capital masterplan.
He added, “We want a well informed investor base, and we urge the institute to form strong collaboration with SEC and the capital market to provide the much-needed expertise in the capital markets I commend the NSUK for approving this and i congratulate you all.” READ ALSO:
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Also, in his speech, the NSUK VC said the university will work with all stakeholders to develop this country.
“NSUK has a cream of intellectuals that can hold their own in the global environment. We have been able to attract and retain the best brains.
“The Institute was conceived by Uwaleke and I have no doubt that he will succeed. We are glad that what he told me about the potential of the institute, it is achievable based on what we are seeing today.
“Our vision is to provide a platform for academics and intellectual and capital market experts to identify issues and address them in Nigeria and globally.
“I assure you that the university will provide all the enabling environment for the institute to thrive.Uwaleke is an embodiment of knowledge and humility”, he added.
