FG Says Committed To Ensuring Strong, Vibrant Capital Market

Caption: From left, Executive Commissioner Legal and Enforcement of the Securities and Exchange Commission (SEC), Ms. Frana Chukwuogor; Director-General of the commission, Dr. Emomotimi Agama; Minister of State for Finance, Dr. Doris Uzoka-Anite; Chairman Board SEC, Mairiga Katuka, board member, Kasimu Kurfi; and Executive Commissioner, Corporate Services at the SEC, Mrs. Samiya Usman; during a meeting with the Minister in Abuja, at the weekend. 

Nigeria’s Minister of State for Finance, Dr. Doris Uzoka-Anite at the weekend reiterated the Federal Government’s commitment to strengthening the nation’s capital market to enable it enhance wealth creation for citizens, while supporting national development.

The Minister who received the board members of the Securities and Exchange Commission (SEC) in her office in Abuja, said the Ministry has been mandated by President Bola Tinubu to ensure a vibrant capital market that drives economic growth and contributes to national development.

To achieve the renewed hope mandate of a $1 trillion economy, she said “it has to be through the capital market. It has to be private sector driven and that private sector drive is the capital market.

According to her, “a number of investors we had met previously in my former role were interested in the capital market. They want the market to be resilient enough to accommodate primary offers for them to exit when they come in.

“We are here to say that the market is open to accommodate them and we are committed to strengthening the capital market to make it more robust and ensure that investor confidence returns to the market. That is one area you need a lot of support and I think we can do that as it is fundamental for you,” the Minister added.

The Minister assured the SEC Board that the Federal Government is committed to supporting the Commission to enable the capital market realize its full potential, drive the economy and create wealth for Nigerians.

Also speaking, Chairman of the SEC board, Mairiga Katuka said the meeting was to familiarize with the Minister and solicit her close cooperation and foster a strong relationship between the SEC and the Ministry of Finance for the purpose of promoting a resilient and vibrant capital market.

This, Katuka added, is necessary to ensure the entrenchment of a policy environment conducive to sustainable growth in the capital market.

For him, “the capital market is key in achieving the current administration’s Renewed Hope Agenda and harnessing available potentials in the market to boost national economic development.

“As the apex regulator of the Nigerian capital market, the SEC is saddled with the dual responsibility of regulating and developing the market with a view to attracting investments for wealth creation and supporting Nigeria’s developmental objectives,” he stressed.

He stated that the Commission is currently going through necessary reforms that would help it attain world-class status and maintain its pride of place amongst its peers, adding that the Board will be counting on the support of the Minster in driving the reforms in order to achieve the targeted outcomes.

He assured the Minister of the commission’s commitment to support the Federal Government’s economic diversification and financial inclusion agenda.

“As a Board, we shall look forward to engaging in sustained dialogue and partnership to drive growth and investor confidence in the Nigerian capital market and the economy generally. I thank you for receiving the Board of the Commission and solicit for your continued support of the SEC and its initiatives,” he added.