-by our correspondent.
The Securities and Exchange Commission (SEC) is exploring various avenues to bring more companies to list on the capital market and to increase the number of product offerings.
The Director-General, SEC, Lamido Yuguda, disclosed this during the 2020 Annual workshop of the Capital Market Correspondents Association of Nigeria (CAMCAN) which was recently held in Lagos.
DG SEC, Lamido Yuguda
Yuguda who was represented by the Director, Lagos Zonal Office, SEC, Stephen Falomo, said the initiative would help raise the market capitalisation of the Nigerian Stock Exchange (NSE) and contribute to the development of the nation’s economy.
“The commission took some strategic initiatives to boost market activities and crystallize the growth of the Nigerian Capital Market to cushion the negative impact of the global pandemic (COVID-19) on the capital market as the committee on COVID-19 has continued to provide support and equipment towards combating the pandemic and its effect.” Yuguda said.
According to him, the commission will be making more deliberate efforts towards attracting retail investors back into the market even as investors with multiple accounts are currently being allowed to consolidate their accounts into a single one to claim their accrued dividends.
Chairman of CMCAN, flanked by special guests at the workshop in Lagos
“This is in a bid to encourage more domestic participation by deepening the market, we are exploring various avenues to increase the number of companies and instruments thereby raising the market capitalization as we believe that this is necessary for our market to continue to contribute its quota to the development of the nation’s economy”, he said.
The SEC boss revealed that the commission is set to embark on reduction of time to market to ensure it dislodges bureaucratic bottlenecks encountered in raising funds from the market adding that the key initiative involves the ease of administrative procedures from the point of registration of market instruments to actualising funds raised from the general investing public to create efficiency.