Investors in the capital market have been urged to take advantage of initiatives introduced in the capital market which are aimed primarily at strengthening the market and accelerating development. Zainab Ahmed, Minister of Finance, Budget and National Planning stated this at the enlightenment workshop/investor clinic session with the Federal Ministry of Finance, Budget and National Planning and its agencies in Abuja Wednesday.
The 10- Year Master Plan initiatives include e-dividend Mandate system, Direct Cash Settlement, Regularisation of Multiple Accounts, National Investors Protection Fund, Recapitalisation of Capital Market Operators and Complaints Management Framework among others.
Ahmed who was represented by Stephen Okon, Director Home Finance, said the enlightenment program is in line with the commissions’ Capital Market Master Plan and urged the Securities and Exchange Commission to reflect and review the challenges faced by investors with a view of actualizing the objectives of the plan in the remaining few years.
She said, “It is worthy to know that the SEC marked out a 10-year plan for development of the Nigerian capital market. The objective is to device strategies for the development of the Nigerian capital market in key areas such as investor protection and integration, professionalism and product innovation and for the expansion of the capital markets role in Nigeria’s economy.
“The SEC deemed it fit to host members of staff of the ministry of finance, budget and national planning and agencies under the ministry in a capital market training procession and workshop with investors.
“This event is to share knowledge on capital market as well as obtain feedback from such bodies as a medium on exchange of ideas and feedback to SEC on how to continuously improve on the market activities and regulations which is central to Nigeria’s request for implementation and achieving sustainable development.
“I enjoin participants to take advantage of initiatives introduced in the capital market which are aimed primarily at strengthening the market and accelerating development. I wish to congratulate SEC for the foresight and sense of purpose in organizing this workshop,” she stated.
In his opening address, Director General of the SEC, Lamido Yuguda said the event which is organised by SEC in collaboration with the Financial Literacy Technical Committee (FLTC) is an annual event coordinated by IOSCO, which it mandates securities regulators globally to commemorate in their respective jurisdictions for the promotion of investor education and protection.
Yuguda said as a member of IOSCO, the SEC is joining the rest of the world to celebrate this important week with planned activities focused on enlightening retail investors on their rights, duties and responsibilities, and educate them on contemporary issues in the Nigerian capital market.
According to Yuguda, the Nigerian financial sector is experiencing a resurgence of Ponzi schemes and illegal fund managers, who lure their subscribers by making promises of huge and unjustifiable returns on investment adding that these unlawful schemes have and continued to enjoy the massive patronage of the Nigerian populace and remain a source of concern for regulators in the financial sector.