-by our correspondent.
The Securities and Exchange Commission (SEC) says the Securities Issuers Forum (SIF) will create a platform for the development of the capital market and the nation’s economy.
Director General of SEC, Lamido Yuguda, who said this in his opening address during the virtual inauguration of Securities Issuers Forum by SEC in collaboration with Nigeria Employers Consultative Association, noted that the SIF has the potential to act as a bridge between the SEC and issuers of securities.
He expressed optimism that engagement of the issuers with the Commission would encourage more listings, improve contribution of issuers as key stakeholders, deepen and broaden the market and ultimately contribute to Nigeria’s economic development.
According to the SEC boss, it is also expected that with the establishment of SIF, SEC will be better positioned to engage issuers on capital raising opportunities to facilitate increased participation in the capital market, development of new products to meet funding needs and addressing issues relating to compliance with regulatory requirements.
“The idea of a forum for issuers of securities is not novel as such fora exist in other parts of the world to cater to the interests of issuers of securities in the capital market. In Europe, the European Issuers acts as the voice of issuers of securities representing over 8,000 companies and national associations of issuers of securities. In the United States of America and South Africa, the American Securities Association and the Debt Issuers Association respectively serve as the associations for issuers of securities. Yuguda said.
“The Nigeria Employers Consultative Association (NECA) the umbrella body for over 3,000 members seeks to protect interests and rights of businesses and ultimately influence policy making. By encouraging the establishment of the SIF in collaboration with NECA, the SEC hopes to bridge the gap that exists between the expectations of issuers and the requirements of the regulator. While forums for issuers are not very common in the African region, they have proven to be veritable tools for capital market advancement in the UK, Europe and Asia. The inauguration of SIF today thus marks an important move by Nigeria to reap the benefits associated with its establishment”. He added.
In his remarks, Director General of NECA, Dr. Timothy Olawale, expressed appreciation to the SEC on the initiative of inaugurating the forum saying that the event is important to the business community especially coming during the current global economic constraint.
Director General of SEC, Lamido Yuguda
Dr. Olawale said regulators are expected to be business facilitators and expressed excitement that the SEC is working hard at facilitating the ease of doing business as well as bridge the gaps and aid companies meet expectations of compliance.
“The forum will serve as a medium of regular engagement between SEC and issuers of securities in order to address challenges, improve the business environment and enhance contribution of the capital market to the growth of the Nigerian economy. We might not achieve all we set out to do at once, but gradually we will get there” he stated.”