Ndubuisi Francis in Abuja
The Securities and Exchange Commission (SEC) has assured that it will continue to engage and collaborate with all stakeholders in a bid to ensure that the capital market remains resilient.
It also expressed a desire to automate its processes to conform to current global technological trends as well as ensure a more efficient capital market.
Director General of the SEC, Mr. Lamido Yuguda who spoke during a meeting held yesterday with the Minister for Communication and Digital Economy, Mr. Isa Ali Pantami, in Abuja, stated that the agency will continue to engage and collaborate with all stakeholders to ensure that the capital market remains resilient.
A statement issued by SEC’s Head, Public Communications, Efe Ebelo quoted Yuguda as saying that automating most of the commission’s processes would also make the capital market more friendly to investors.
He said, “Presently, we have a lot of documents and papers being brought to the Commission for one approval or the other, we think that if we can digitalise our processes and these documents are transmitted to us electronically, it will make it easier for the market that we regulate and also stimulate growth.
“If we can achieve that, it will also reduce cost and increase efficiency; that is why we are here today to discuss with you on areas we can work together to achieve this.”
The advent of COVID-19, he said, has shown what can be achieved with technology, adding that during the period since March, the capital market has been working in spite of lockdowns and effects of the pandemic.
“Remember that when the lockdown started, the Commission activated its Business Continuity Process which saw staff of the Commission working remotely while all our electronic channels remain open to provide the necessary support to capital market stakeholders.
“They should also continue to disclose the trend and outlook for the company, and updates on implementation of business continuity plans. Public companies are to publish these disclosures on their websites and on other relevant media.
“We also told Public companies who plan to conduct AGMs to ensure that the conduct of the meetings comply with the provisions of the Companies and Allied Matters Act, the Investments and Securities Act, the SEC Rules and Regulations, relevant government and health circulars and guidelines issued in this regard,” he added
In his remarks, the Minister for Communication and Digital Economy, Mr. Isa Ali Pantami expressed the readiness of his team to collaborate with the SEC in automating its processes, adding that the present administration is committed to promoting a digital economy.