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COVID-19: Outgoing SEC boss allays fears of job losses

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By Peter Egwuatu

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The Securities and Exchange Commission, SEC, has allayed fears of job losses arising from increasing reliance on technology by market operators with the ongoing partial easing of lockdown.

The outgoing Acting Director General of the Commission, Mary Uduk, reacting to the fears, said: “While the lockdown and its partial easing has had tremendous negative impact on Nigeria’s economy and lives of citizens, Nigerians have to remain resolute and explore opportunities available in the capital market.

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“We are leveraging technology to continue our activities. Initially, people were afraid that technology would have bad effects like loss of jobs, but right now it has become a saving grace.

“So, most of us have put our Business Continuity Plans (BCP) in process. Staff are working, we are interacting with market operators who are also working, and our market is open.”

Continuing, Uduk said: “We must continue to make the best we can of the situation. As a regulator, we have put measures in place to ensure our market does not shut down; trade is presently going on at the various exchanges that make up our market. The Nigerian Stock Exchange is continuing with trading, the FMDQ and all the Exchanges are actually continuing and everything is going well.”

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