Ndubuisi Francis in Abuja
The new Director General of the Securities and Exchange Commission (SEC), Mr. Lamido Yuguda, has warned operators in the capital market that the new management under him will not brook any form of infringement on the rights of investors.
He assured them that investor protection would be at the centre of the initiatives of the new management, warning that any operator that shortchanges investors would not be spared.
Yuguda, who issued the warning in Abuja, Monday when he resumed office alongside three executive commissioners — Messrs. Reginald Karawusa, Ibrahim Boyi and Dayo Obisan — assured investors that the capital market is for them.
He said: “We want to assure investors that this market is for them and we are ready to do everything to ensure that we increase investor enlightenment through education, robust regulation and fair dealing.
“For those that want to defraud investors, there would be no respite because we are ready to fight market manipulation to the last, anyone that flouts our rules will be made to face the consequences of their actions.”
Yuguda stated that the capital market has enormous potential for growth and development of Nigeria after the Covid-19 pandemic and beyond, adding that the market is a crucial component of any economy.
According to him, over the last two decades, the SEC has worked with other relevant stakeholders to introduce and implement various initiatives targeted at improving the regulation and development of the market.
A statement issued by the SEC Head, Corporate Communication, Efe Ebelo, said Yuguda observed that the capital market master plan launched in 2014 has the objective of positioning the capital market for an accelerated development of the national economy.
He added: “Many of the plan’s initiatives have been successfully implemented, while many others are work in progress in line with its objectives.
“Therefore, the continued implementation of the plan will be one of the major focus of the incoming management, while we also seek possible ways of strengthening it for enhanced impact. We would equally work towards improved market regulation, surveillance and general development.”
In order to do this effectively, he stressed that there was the need to develop relevant capacities and foster collaboration in achieving the mandates.
Yuguda assured them that the new management will work to the best of their abilities to uphold things on ground and consciously seek ways to improve them to the benefit of all stakeholders.
He noted that 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,” stressing that “with God’s help and our collective resolve and dedication, we shall succeed”.
In her brief remarks before the handover, the former acting Director General, Ms. Mary Uduk, said the commission had in the past few years undertaken key reforms and achieved some regulatory millstones, expressing the hope that the new management will build on achievements recorded so far.
According to her, in implementing the commission’s mandate of regulating and developing the Nigerian capital market, most of the recent activities were guided by the Capital Market Master Plan (2015-2025).
“This is a 10-year plan with over 100 initiatives to position the capital market for an accelerated development of the national economy. It has an implementation governance structure (CAMMIC) to drive advocacy and ensure national buy-in. Through this, series of engagement have been made with many of the plan’s initiatives achieved,” she said.
Yuguda obtained a B.Sc. (Honours) degree in Accounting in 1983 from Ahmadu Bello University, Zaria and an M.Sc. in Money, Banking and Finance in 1991 from the University of Birmingham, United Kingdom. He also holds a Certificate in Financial Asset Management and Engineering from the Swiss Finance Institute, Geneva, Switzerland and a Certificate in Investment Performance Management from the CFA Institute, Charlottesville, Virginia, USA.
He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a holder of the CFA charter.
He attended leadership training programmes at leading business schools including Harvard, INSEAD, IMD, Saïd, Wharton, Haas, Kellogg, Chicago Booth and London.
