By Tony Obiechina, Abuja
The continued implementation of the ten-year Capital Market Master Plan will be one of the major focus of the new management of the Securities and Exchange Commission (SEC).
The new Director General of SEC, Mr Lamido Yuguda who gave the assurance in Abuja on Tuesday, said the new management will equally work towards improved market regulation, surveillance and general development of the capital market
Yuguda assumed office on Monday alongside other Executive Commissioners, Reginald Karawusa, Ibrahim Boyi and Dayo Obisan.
The new management team according to a statement by SEC Head of Corporate Communications, Efe Ebelo “brings to the SEC decades of capital market and organisational market experience between them”.
Yuguda said, a combined ground work by the past managements and the quality and professionalism of SEC staff should impact very positively on the capital market.
“In order to do this effectively, we will need to develop relevant capacities. This we shall do by first learning from existing internal efforts and also from other available innovative approaches. We would also foster collaboration with relevant stakeholders, be they private, public or international in achieving our mandates”, he said.
The Capital Market Master Plan launched in 2014 has the objective of positioning the capital market for an accelerated development of the national economy.
Yuguda, who expressed sincere gratitude to the immediate past management team of the SEC for the great job they did in the last two years and the efforts they put in to ensure the stability and development of the market noted that the Capital Market Master Plan “has definitely contributed to the development of the Nigerian capital market and the economy in line with its objectives.
“Many of the plan’s initiatives have been successfully implemented while many others are Work in Progress.
“In the last one year I have served on the Board of the Commission. This has afforded me the opportunity to gain insight into the activities of the SEC and developments in the capital market. But I know that much more will be revealed as we study the handover notes and interact with the staff”, the DG noted.
“One thing I can assure you is that we will work to the best of our abilities to uphold the good things we met on ground and consciously seek ways to improve them to the benefit of all stakeholders”, he said.
“My colleagues in the new management and I should see our appointment as an opportunity to serve. Together we must set our sights on achieving those milestones that are capable of making the capital market a powerful engine of growth for the Nigerian economy”, he further stated.
Yuguda who commended the outgone management for setting up the Capital Market Support Committee on Covid-19 to coordinate the market’s contribution to fighting the pandemic, assured that the initiative will continue to be upheld.