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SEC, NBA to collaborate on Capital Market development

By on December 26, 2014

As part of efforts to restore investors’ confidence in the Nigerian capital market, the  Securities and Exchange Commission (SEC)  and the Nigeria Bar Association (NBA)  are to collaborate going forward. Part of  the collaboration is the setting up a  standing committee as a means that will work together for the development of Nigeria’s capital market.

The Director General of SEC, Ms. Arunma Oteh, who disclosed this when  the President of the NBA, Augustine Alegeh and some members of his executive  visited  her in Abuja, noted the partnership is essential for the two organisations and the country in general to drive the present administration’s transformation agenda.

Oteh said Nigeria’s capital market has had big issues that have affected the integrity of the market, saying that the timing is perfect for the SEC and the NBA to look at ways of collaborating in the interest of investors and the country’s economic development.

“The timing is right for us to look at how we can strengthen the relationship due to the value of the legal profession in fostering the rule of law in the society and the markets and the value of the capital market in transforming our economy. We cannot have a country that has such great potential, has men and women that are entrepreneurs and still have a market this small

“Nigerians by nature are business men. The capital market, in collaboration with the legal profession, should help to promote such businesses so that there is integrity and these businesses can grow to their full potentials by leveraging on the capital market. One area that people are beginning to talk about is the value of wealth distribution and addressing income inequality. If a mechanism can be instituted for creating wealth for anyone irrespective of his status or position in the society, then we would have democratized wealth creation and that is what the capital market does” Oteh said.

In his speech, Alegeh said said  NBA was willing to assist SEC resolve some of  its compliance issues, petitions in respect of what happens in the equity market and other legal assistance that may be required.
According to him, the association has  already set up a committee on legislative advocacy which offers services free of charge, to ensure that proper laws are in place no matter whose ox is gored.

He therefore expressed the interest of the NBA in working with the SEC in several areas in a bid to improve the country’s economic development.

 

[ThisDay]