The Securities and Exchange Commission said technology, innovative financial instruments and the impact of the COVID-19 pandemic are transforming capital market operations.
The SEC said this while commending the Nigerian Exchange Limited, the Central Securities Clearing System and other capital market players who are working to develop the market while coping with the challenges highlighted by the COVID-19 pandemic and its consequences. variants.
SEC Managing Director, Mr. Lamido Yuguda, speaking at a meeting with these stakeholders in Abuja on Wednesday, said: “The past two years have been challenging for the Nigerian capital market, which reflects largely the crisis linked to the pandemic. unexpected challenges in global markets.
“However, the NGX has continued to deploy capable resources to address the elements that stand in the way of market growth. You will agree with me that the efforts made and the gains made in this regard are the result of the collective efforts of various players in the Nigerian capital market, including the commission and NGX Ltd.
“This underscores the importance of collaboration for the growth of our market.”
According to him, the launch of the smart surveillance system and the X-Mobile retail application; upgrading the X-Issuer platform to further strengthen market integrity; and the X-Public Offer initiatives are achievements that support the common goal of building a world-class capital market.
Yuguda highlighted the difficult task ahead and the new threats brought by fintech.
He said: “We all have a common interest in developing a healthy, viable and world-class capital market. At the bottom of the work we do at the SEC is investor protection.
“While trying to review the rules, we must not forget that the ultimate goal of the commission is to have a fair and transparent market that is fair to investors.”
During his remarks, the CEO of NGX Limited, Mr. Temi Popoola, said that the strong growth and interactions with the market in recent times could be attributed to the collaborative efforts of the stakeholders.
He said: “Many opportunities exist for the capital market. Technology can be used to manage capital formation in the market and we are moving in this direction.
“We are on a momentum of digitization and we started with the MTN offering which was done electronically, we need to improve this in the future. This is the only way to unlock the demographics of young tech savvy Nigerians We work with relevant stakeholders to ensure what is best for the ecosystem We explore ways to strengthen the entire market infrastructure.
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