House of Reps, SEC reiterate support for NSE

House of Representatives Committee on Capital Market and institutions and the Securities and Exchange Commission (SEC) have reiterated their support for the Nigerian Stock Exchange (NSE) for playing a critical role in Nigeria’s economic recovery and growth.

The House committee led by its Chairman, Hon. Ibrahim Babangida, and the SEC led by its Director-General, Mr Lamido Yuguda, separately reiterated their support, while on an enlightenment tour of the exchange on Wednesday in Lagos.

Babangida stated: “It is a pleasure to hear about the commendable work that is being done at the Exchange. At the Federal level, we want to see the NSE, and indeed the capital market, play significant roles in the economic recovery process of Nigeria, especially now that the country has plunged into recession.

“We recognise that some of the rules in the capital market must be revisited to deliver the results we expect, and we, hereby, reiterate our support for the NSE, where legislation is required to make the necessary changes,” he said.

Also speaking, Yuguda commended the leadership of the NSE for hosting the delegation, adding that the collaboration between the commission and the Exchange would grow market capitalisation.

“The SEC has been working collaboratively with the Exchange and we will continue to support the NSE to grow the market capitalization, reduce the incidence of delisting and ensure that the market develops into what Nigeria truly needs.

“We have seen the massive infrastructure needs of the country and we are confident that the capital market has the capacity to raise the funds needed to finance infrastructure in Nigeria,” he noted.

Mr Oscar Onyema, Chief Executive Officer, NSE, stated: “The Exchange is glad to host our Legislative Oversight Committee from the Federal House of Representatives, as well as our Apex Regulator, the Securities and Exchange Commission.

“Advancing the Nigerian capital market is the collective goal of all key stakeholders and we remain committed to collaborating with government at all levels to advance and deepen this market.

“We are, therefore, excited to be part of this enlightenment initiative, which presents an opportunity to refresh and update our lawmakers on the activities of the capital market, and its role in the Nigerian economy.”

Highlighting the resilience of the Exchange in the face of the COVID-19 pandemic, Onyema said that the proactive steps taken were meant to ensure seamless operations for all stakeholders.

Onyema called for collaboration between public and private sector players to foster a stronger financial system, as well as keep investors abreast of Federal Government’s legislative and executive actions. (NAN)