SEC used N8bn of N9bn revenue to service staff — SENATE

By Obas Esiedesa, Abuja

Director General of the Securities and Exchange Commission, SEC, Mr. Lamido Yuguda has disclosed that the private sector can fund the development of infrastructures across all sectors by investing in the capital.

A statement by the commission yesterday said Mr. Yuguda who stated this during a meeting with the new executives of the Chartered Institute of Stockbrokers in Abuja, urged stakeholders to co-operate with the commission in its quest to help bridge the infrastructure gap in the country.

He said the capital market is capable of attracting finance that would aid the nation bridge the current infrastructure deficiency.

“We have a huge infrastructural deficit in the country like insufficient power, lack of good roads among others. We want our country to have good infrastructure and I know this is possible with the help of the capital market and other stakeholders. 

“It requires adequate planning and financing and we can achieve it as a nation. The capital market through the private sector can fund road construction while the government focuses on other issues”.

The SEC DG however stated that for the capital market to attain full potential, all stakeholders need to ensure they carry out their functions with integrity and fairness in a bid to restore investor confidence.

In his remarks, President of CIS, Mr. Oluwole Adeosun commended the SEC for the relationship that exists between the commission and the Institute and thanked the Management for always supporting the CIS. 

On his part, former President of CIS, Mr. Olatunde Amolegbe thanked the Director General for the efforts the Management has been making to support the CIS, adding that the Institute has been able to function effectively due to the support of the SEC.

He assured that the CIS bill which is  current before the National Assembly will get to the final ending and assented to, adding that the  bill will stand as a testimony of the quality of leadership that the SEC has  brought to this market.

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