the Security and Exchange Commission (SEC) reaffirmed its commitment to ensuring that technology plays a major role in enabling the country’s capital market to reach its full potential.
SEC Managing Director Lamido Yuguda said so during a meeting with the Financial Sector Deepening Africa management team in Abuja last weekend.
FSD Africa’s support is centered on developing capital markets master plans, conducting institutional capacity assessments and building sustainable financing capacities such as green bonds, helping markets adapt to their operating climate.
Yuguda expressed the joy of the Commission with the support of FSD Africa in the areas of human resource transformation, information technology strategy as well as the review of the capital market master plan.
“I can only express my support to FSD Afrique for the various support they have given to the Commission in various fields. We are very excited about the HR transformation exercise, as the report will help the Commission in profound ways that will lead to optimal staff productivity.
“What you are doing is commendable, you are looking at African financial markets and trying to help ensure that productivity and development are improved. We therefore assure you that these investments are well placed and we will continue to work to deserve the trust you place in us”.
“We are pleased with all the assistance we have received, the review of the master plan has been concluded by PWC and we hope that the implementation of the capital market master plan will deepen our market and improve the contribution of the capital market. capital to our economic growth and national development.
To that end, the Capital Markets Master Plan Review better positions the SEC to achieve these goals in these very difficult times. The commendable partnership between FSD Africa and SEC Nigeria underscores our mutual goals of building robust, efficient and above all inclusive financial markets.
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The CEO of the SEC revealed that the current management is also considering other sources of support so that the march towards this Commission that everyone wants to see in the future is very fast and very efficient.
“The Commission has also done a number of things to ensure that the objective of this support is not thwarted. Since our arrival, we have prioritized the issue of human resources management, we want to leave behind a culture of excellence
“Thank you for the great help on the computer. What we have also done is explore domestic sources of funding for our IT infrastructure and fortunately we are making tremendous progress in this regard,” he added.
In his remarks, FDS Africa Managing Director Mike Napier expressed his excitement that the SEC has decided to embark on various initiatives with the aim of having a stronger and better capital market regulator that results in a well-regulated market.
Napier said well-functioning capital markets can play a critical role in supporting inclusive economic growth by channeling long-term finance into infrastructure and other large-scale projects that create jobs and improve access to markets, adding that strengthening the regulatory capacity of capital markets is an essential prerequisite for building investor confidence.
He said: “We are very pleased that you have taken on these challenges to embark on these various initiatives to ensure that your processes are better, which will ultimately lead to a better capital market regulator.
“At FSD Africa, we embrace innovation and that is why we give support to these different projects, it is a long journey but we know we will get there in the end,” he said.
Napier expressed satisfaction with the SEC for embracing innovation with the aim of becoming a progressive regulator, saying that across Africa few organizations are capable of doing so, especially given problems of lack of funds.
“The big one would be when market participants see the changes within the SEC and the transformations that have taken place. We are happy that you are on this journey and we hope it ends well,” he added.