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SEC, labour unions take investor education to workers

By on October 24, 2015

The Securities and Exchange Commission says it has in partnership with labour unions in the country started a financial literacy and investor education drive targeted at Nigeria workers.

According to the commission, the drive is aimed at enhancing personal financial planning among Nigerians and instilling a culture of saving and investing in the workforce.

The commission explained in a statement on Thursday that the campaign, themed ‘SEC investor education partnership with labour’, was conceived based on the market development mandate of SEC, which is contained in the Investment and Securities Act 2007.

It said, “This mandate has been reinforced by the 10-Year Capital Market Master Plan, which SEC is currently leading the Nigerian capital market industry to implement and by the flagship role assigned to Nigeria in the strategic blueprint of IOSCO, the global umbrella for securities market regulation, as the Africa and Middle East regional hub for education, training and research for the securities market.”

Through the partnership, SEC said it would share “actionable information and building skills on personal financial planning, investment opportunities in the Nigerian capital market and the investor protection role of SEC with members of organised labour, represented by the 26 affiliate unions of the Nigerian Labour Congress and the Trade Union Congress.

The Head, Market Development Department at SEC, Mr. Obi Adindu, was quoted as saying, “The strategic objective of SEC is to stimulate a pool of investible resources derived from the savings culture of Nigerian workers, which may then be channeled to the Nigerian capital market since the most successful capital markets are auto-centric and dependent on the participation and patronage of their country’s nationals.

“The ultimate goal of SEC is to build a solid partnership between the Nigerian worker and the capital market in which the latter will constitute an avenue for channeling the former’s savings and investment leading to wealth creation while the capital market will, in turn, gain resilience, depth and robustness on account of participation in it by the Nigerian worker.”

According to the statement, the drive has already been activated in relation to the Amalgamated Union of Public Corporations, Civil Service Technical and Recreational Services Employees with a capital market industry task team led by SEC and including industry experts from the FBN Capital addressing a national event of the union which took place in Akure, Ondo State.
[Punch]