Work with Relevant Stakeholders, New SEC Management Urged

Prof Uche Uwaleke

By Tony Obiechina, Abuja

The new SEC management has been enjoined to work closely with all the relevant stakeholders especially the Association of Capital Market Academics of Nigeria to take capital market Education to educational institutions.

Nigeria’s pioneer professor of Capital Market, Uche Uwaleke who gave in charge in Abuja on Tuesday, said the issue of investors’ confidence should equally be paramount.

He said even though the situation has improved in recent times because of the efforts of the Commission in enforcing discipline in the market, “I expect the new management team to sustain the tempo and minimize to the barest minimum cases of abuse and infractions”.

Uwaleke who is of Nasarawa State University, Keffi, said, “I have no doubt that the new SEC DG will bring to bear his experience at the CBN to work closely with the apex Bank for a stronger regulation of the country’s financial system including proper regulation of the emerging Fintec industry.

“It goes without saying that the new DG will need the support of SEC staff to succeed. So, I expect him to take as a matter of priority the issue of staff welfare”, he added.

The university Don who congratulated the new SEC management team urged them to continue with the implementation of the capital market master plan “to determine outstanding issues with a view to revising and updating the roadmap”.

“Thereafter, the SEC management should ensure that the revised blueprint for capital market development is integrated into the federal government’s 2nd Economic Recovery and Growth Plan (2021 – 2025).

“This is very vital because the current ERGP paid little or no attention directly to issues pertaining the capital market. Mainstreaming the revised capital market Plan into the new ERGP will ensure that the growth of the capital market becomes a key policy issue going forward including through the provision of fiscal incentives”.

“As you well know, a major challenge facing the capital market is the low level of retail investors’ participation which is not unconnected with low capital market literacy in the country, he added.

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