June 11, 2024

SEC to use block chain tech to attract young investors – DG


By Obas Esiedesa, Abuja

The Director General of the Securities and Exchange Commission, SEC, Dr. Emomotimi Agama has said that the Commission would specifically pursue the use of Block Chain Technology to accommodate the young minds in capital market.

Dr. Agama who disclosed this during a meeting with Association of Capital Market Academics of Nigeria in Abuja said the plan is to go all out to sensitise Nigerians especially the youth population on investing in the capital market which he said would lead to wealth creation and better standard of living for Nigerians.

He disclosed that the commission would soon embark on aggressive sensitisation to reach majority of the populace in Nigeria especially the youths, in a bid to develop and deepen the capital market and attract more young people.

A statement by the Commission quoted him as saying that “I am a major enthusiast in block chain, we will strive to popularise, propagate, and try to support it because that is the investment interest of that demography, and we must follow them up in line with section 13A of the ISA which gives us the power regulate Investments and Securities business in Nigeria.

“In this space, the youths cannot be taken for granted. As much as we encourage innovation and are committed to developing the market, when we find out that Nigerians are at risk, we will not hesitate to move in because not moving in would mean we are shirking in our responsibilities. We will do all it takes to protect investors”.

Agama disclosed that the SEC is planning to set up a capital market radio with the aim of reaching Nigerians and enlightening them on the investment opportunities available in the capital market.

Earlier, the President of ACMAN, Prof. Uche Uwaleke, told the SEC Management that their jobs are well cut out as majority of them have been in the market for several years and therefore understand the challenges and what needs to be done all of which he said, have been well articulated in the Capital Market Master Plan.

Prof. Uwaleke said that despite all odds, the Nigerian capital market has remained resilient and to a large extent competitive. In the last few years, it has not only witnessed new asset classes but also new platforms and overall improvement in market infrastructure.