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SEC seeks FG intervention in non oil sectors to boost economy

Capital market, panic sellings, Securities, Stock Market NSE, shareholders
Stock Market

By Peter Egwuatu

The Securities and Exchange Commission, SEC yesterday harped on the need for the Federal Government to explore the non oil sectors in boosting the economy.

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The Chairman of the Board of the Commission, Mr. Olufemi Lijadu, while speaking at a breakfast meeting of the board and stakeholders in the capital market, said: “The need to explore the non oil sectors especially the capital market in Nigeria’s quest to attaining its full potentials cannot be overemphasised.

“We need money to develop our economy and to get the money we need to attract investors both local and foreign.    To be able to attract them, our markets need to have the basic rules that is obtainable anywhere else in the world by aligning ourselves with best practices internationally.”

On the hand he noted that SEC and the capital market operators have common interest and expressed the need for all to work together in the overall interest of the market and the economy.

He stated further: “We are ready to listen to you, to be accessible to you    and to work with you. This meeting is the beginning of a partnership that we hope will continue”

“You are there in the market and can give us that sensitivity of what the market is feeling and can give us that direction to frame our policies in the interest of the market”.

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In a welcome address, Acting Director General of SEC, Ms. Mary Uduk, commended the stakeholders for the support they extended to the Commission in the period it operated without a board and urged them to continue in the same manner help its effort to regulate and develop the market. “You are the ones that provide us with guidance as to the direction the market should go because you are the ones at the forefront and know it first hand.

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