The minister of Finance and Coordinating minister of the financial system, Wale Edun has urged the brand new board of the Securities and Trade Fee (SEC) to embrace innovation with a view to be higher ready to manage a dynamic capital market.
Edun, who acknowledged this through the inauguration of the board in Abuja, yesterday, expressed pleasure on the composition of the board and urged the members to place of their greatest, be brave, daring, open to innovation and be prepared to just accept the problem of regulating new areas.
The finance minister acknowledged that, monetary know-how and communications are areas which might be quick advancing, and with the appearance of Synthetic Intelligence, digital foreign money amongst others, there’s a want for the regulator to be educated to have the ability to present steerage and needed approvals.
Edun advised the SEC board to be prepared to just accept the problem of regulating in these new areas, notably, crypto as they’re fast paced advanced space, including that additionally they should be careful for regulatory arbitrage the place an organization with a portfolio of giant refined transactions now comes and takes the bottom stage of registration that they will simply to allow them to say they’re licensed and controlled.
Additionally, the chairman of the SEC board, Mairiga Katuka assured the minister that the brand new board will harness their particular person and collective experience, innovation and keenness to drive development consistent with the fee’s twin mandate of growing and regulating a capital market that’s honest and environment friendly.
He stated, “the board will pursue a complete agenda aimed toward advancing the curiosity of buyers safeguarding market integrity, selling capital formation and enhancing regulatory oversight.
“The nation’s future financial outlook seems optimistic, pushed by reforms put in place by the present administration together with strong inflation administration, social safety, macroeconomic stability initiatives and improved personal sector improvement. These initiatives would undoubtedly engender financial development.”
Katuka acknowledged that, consistent with the renewed hope agenda of the present administration, he’s optimistic about the way forward for Nigeria’s securities market, including that, along with diligence, integrity and a shared sense of goal there may be hope of a extra affluent and resilient monetary ecosystem.
President Bola Tinubu had on April 19, 2024 accepted the appointment of seven individuals to the Board of the Securities and Trade Fee(SEC).
They embrace; Mairiga Katuka (chairman of the Board), Emomotimi Agama as director-general, Frana Chukwuogor as govt commissioner (Authorized and Enforcement) and Bola Ajomale as govt commissioner (Operations).
Others are; Samiya Usman as govt commissioner (Company Providers), Lekan Belo and Kasimu Kurfi as non-executive commissioners.
