Ndubuisi Francis in Abuja
As the COVID-19 pandemic continues to take its toll across the world, the Securities and Exchange Commission (SEC) has urged investors to look to the capital market as a window for wealth creation.
According to a statement issued by the Commission, the acting SEC Director General, Ms. Mary Uduk, who gave the admonition in Abuja yesterday, said the organisation was aware of the economic implications of the virus, adding that this was why the management of the SEC has ensured that the market remains open for trading.
She stated that while the lockdown and its partial easing have had tremendous negative impact on Nigeria’s economy and lives of the citizens, she however, urged Nigerians to remain resolute and explore opportunities available in the capital market.
“We must continue to make the best we can of the situation. As a regulator, we have put measures in place to ensure our market does not shut down. Trade is presently going on at the various exchanges that make up our market. The Nigerian Stock Exchange (NSE) is continuing with trading, the FMDQ and all the other exchanges are actually continuing, and everything is going well.
“We are leveraging on technology to continue our activities. Initially, people were afraid that technology would have bad effects like loss of jobs, but right now it has become a saving grace.
“Most of us have put our Business Continuity Plans (BCP) in process. Staff workers are working, we are interacting with market operators who are also working, and our market is open.
“We released three circulars concerning actions against COVID-19. One of them was to request Capital Market Operators and organisations we regulate to send us reports on their BCP and the processes, and as you can see, the market has been trading as everyone activated their BCPs. We have also requested public companies to continue to send out information to ensure investors are informed,” Uduk explained.