Lawmakers partner SEC to tackle issues impeding market growth

The House of Representatives Committee on Capital Markets and Other Institutions, has expressed commitment to work closely with the Securities and Exchange Commission (SEC), to substantially tackle issues impeding the growth of the local bourse, which can be resolved through the provision of enabling laws.

The Chairman of the Committee, Babangida Ibrahim, while speaking during a meeting with the new management of the SEC in Abuja, said: “We have all agreed that there is a need to work together to substantially reduce these challenges. These challenges include policy issues, legislative issues and can also be operational issues.

“But what is important is that we have all agreed that there is a need to look inwards to see how best we can boost confidence in the market, and to also make sure that the process of investing in the capital market is as simple as possible.”

He said the National Assembly is ready to work with the SEC to ensure that the processes in the capital market are as easy as possible to allow free entry and exit for investors.

“We want to see at the end of the day that there is easy entry and exit and that the processes are as simple as possible.

“ People should be able to buy and sell at their convenience without any complexity in the process. You can invest in the market today and decide to divest tomorrow, you get your little profit and move on.”

With the crisis currently ravaging the country as a result of the COVID-19, he insisted that the capital market is an option that can rescue the economy from collapse.

Ibrahim said: “We all agree that these types of discussions will be as regular as possible; we will continue to exchange ideas and remain honest and sincere in our approach to ensure that we bring a new lease of life to the Nigerian capital market.”

Therefore, he urged investors to continue to exercise patience as these issues are worked out to further boost confidence in the market.

Furthermore, he added that the NASS would also review key policy issues that require amendments and adjustments.

“We wish to tell investors that they should continue to be patient with us as we work out these issues to boost their confidence. We are aware of their plight, especially their experiences in the recent past, but we will do our best to restore confidence in the market.

“We want to assure investors that with the new management we have now at the SEC, we are going to take the capital market to the next level,” he added.

The Director General of the SEC, Lamido Yuguda, commended the Committee for its interest in making the capital market transparent and more investor friendly.

Yuguda said: “This committee is very important to us at the SEC. We have had very useful discussions with the Chairman, and he has assured the SEC of the co-operation and support of this Committee as we set out to discharge our responsibilities.”