Reps Visit NGSE, LaCommEx On Enlightenment Tour

Members of the House of Representatives Committee on Capital Market and Institutions, on Wednesday, visited Lagos on an enlightenment tour to The Nigerian Stock Exchange (NSE) and the Lagos Commodities and Futures Exchange.

Speaking during the LaCommEx leg of the visit, the committee’s chairman, Babangida Ibrahim, said the visits were to enable members to enhance their knowledge and understanding of how the various components of the capital ecosystem operate.

This, he continued, will help them see “if there is any parliamentary intervention we can provide. The only way to save the economy is through capital market activities.”

He noted the need to further deepen the Nigerian capital market for accelerated economic growth that would help tackle infrastructural challenges bedevilling the nation.

He further stressed the critical role of the capital market in macro-economic and financial system stability by fostering the diversification of economies and raising their capacity to absorb volatile capital flows.

On the issue of unclaimed dividends, Ibrahim said the National Assembly is committed to supporting investors in ensuring that they receive the benefit for investing in the capital market.

Also speaking, Director General of the Securities and Exchange Commission (SEC), Lamido Yuguda, described the development of a vibrant and efficient commodities trading ecosystem as a major driver of economic growth and development.

From left, Chairman, Committee on Capital Market and Institutions, House of Representatives, Ibrahim Babangida; Chief Executive Officer, The Nigerian Stock Exchange (NSE), Oscar Onyema, and Director-General, Securities and Exchange Commission (SEC), Lamido Yuguda, during an enlightenment tour to The Exchange on Wednesday, December 9, 2020

Yuguda assured that the regulator is committed to working with the Exchange to grow the commodities market, describing the visit as “a demonstration of the commitment of both the legislative arm of government and the regulator to the development of the capital market of which the commodities market is important.

“We are impressed with what we have seen here today. We have engaged them for the past year and are aware they have been working hard to make this exchange successful”

He expressed the commission’s willingness to work with LCFE in the development of all the rules needed to realize the potentials of the country in the area of commodities trading, adding that the responsibility of SEC is to ensure good market development, fair trading, and investor protection.

“We are working to get appropriate rules that will enhance the operations of the Exchange. In a bid to ensure the relevant standards required are approved by the SON, we are engaging them and pulling our weight to ensure increased visibility of our commodities in the international market

“We need to get the foundation right and are ready to assist you in any way to ensure that we get this right, as this will lead to a more vibrant economy for us in the years to come” he added.

Speaking earlier, Chairman of LCFE, Chief Onyenwechukwu Ezeagu said the need to fully realize the potential of the Federal Government’s plans for the development of the agricultural and solid minerals sectors and to tap the opportunities thereof, brought about the initiative to establish a Commodities and Futures Exchange, which will be well-positioned to support the Federal Government’s stride to create wealth and enhance the flow of foreign currency.

Ezeagu said the Exchange will redefine practice standards of the Nigerian commodities ecosystem and give hope to producers of commodities who are constantly searching for ways to offload and improve on their commodities.

Caption for opening pix: Chairman House of Representatives Committee on Capital Market and other Institutions, Babangida Ibrahim (centre), ringing the closing bell at the Lagos Commodities and Futures Exchange in Lagos on Wednesday. He is flanked by the Director-General of the Securities and Exchange Commission, Lamido Yuguda (left), and Chief Onyenwechukwu Ezeagu, chairman of the Exchange (right).