Senate Committee States Commitment to Safe Capital Market

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Acting Director General of SEC, Ms. Mary Uduk d

Goddy Egene

The Senate Committee on Capital Markets has expressed its determination to safety of investments in the Nigerian capital market. The Chairman of the committee, Senator Ibikunle Amosun stated this during a meeting with the management of the Securities and Exchange Commission (SEC) in Abuja,

According to him, the Nigerian economy as it is today is in dire need of investments from both local and international investors, noting that there is need to support all efforts aimed at attracting such investments.

He said: “We are here today to meet with the management of the commission, to know their areas of difficulties and explore ways we can introduce new laws or amend old ones to ensure that Nigeria becomes investors destination of choice. We are aware some of the enabling laws were made many years ago and probably no longer meet present day realities. The capital market can help fund a lot of our infrastructure deficit and that is why we are here.”

In her remarks, Acting Director General of the SEC, Ms. Mary Uduk said the commission being the apex regulator in the capital market is responsible for overseeing the affairs of the capital market.

“We oversee a lot of enforcement issues like Ponzi scheme. Presently we are going to expand our enforcement activities around Ponzi schemes to sensitise Nigerians on the dangers of investing in them. We already do a lot of enlightenment in that regard, but we are going to do more by translating these initiatives into Nigerian languages and Pidgin English and produce short videos for illustration. These initiatives are contained in the 10 year capital market master plan and we are going a step further to focus on commodities in a bid to diversify our economy,” he said.