• Agama urges transparency, accountability to boost investor confidence
Chartered Institute of Stockbrokers (CIS) has urged the Federal Government to embark on a comprehensive reform that will reposition Nigeria’s capital market as a central engine in driving the nation’s $1 trillion economy ambition.
This call was contained in a communiqué issued after a one-day workshop held at the State House Conference Centre, Aso Rock Villa, Abuja, themed ‘Capital Formation in Nigeria: Empowering Industry, Institutions, and Markets to Drive a $1 Trillion Economy’.
The forum, which attracted policymakers, market regulators, financial experts, and industry leaders, sought to articulate actionable pathways towards achieving the government’s ambitious economic growth target.
In their position, the stockbrokers acknowledged that while the $1 trillion economy aspiration is attainable, it cannot be realized without deliberate and coordinated measures to strengthen capital formation across various sectors of the economy.
They stressed that Nigeria’s weak institutions, inconsistent policy frameworks, and underdeveloped financial markets continue to undermine capital mobilisation despite the progress already recorded through certain government reforms.
The communiqué, jointly signed by the Institute’s 13th President and Chairman of Council, Oluropo Dada, and the Registrar/Chief Executive, Ayorinde Adeonipekun, underscored the urgent need for government-led strategic coordination to harmonise fiscal, trade, and monetary policies.
Meanwhile, the Director General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, has underscored the vital role of accountability and transparency in strengthening investor confidence and ensuring the long-term stability of Nigeria’s capital market.
Speaking in Abuja during a stakeholder engagement on internal control over financial reporting in the public sector, Agama highlighted the need for proper internal control mechanisms as an indispensable factor in safeguarding market integrity.
The event, themed: ‘Strengthening Accounting and Transparency through ICRC’, was organised by Smith Ighodalo Adewale Odiachi (SIAO) under the Internal Control over Financial Reporting (ICFR) initiative, in collaboration with the Financial Reporting Council (FRC).
In his goodwill message, Agama stressed that internal controls over financial reporting were not merely technical requirements but essential pillars of disclosure and governance.
According to him, these mechanisms create the necessary checks and balances that reinforce accountability, promote transparency, and strengthen integrity within the financial ecosystem.
He explained that whether in the securities market, among public companies, or within other organisations, the absence of effective internal control would expose systems to risk, weaken trust, and discourage investor participation.
