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SEC harps on right policies for capital market development

By Helen Oji
30 November 2022   |   4:33 am
The Securities and Exchange Commission (SEC) has expressed its readiness to pursue appropriate policy measures that will spur activities and accelerate development in the capital market.

The Securities and Exchange Commission (SEC) has expressed its readiness to pursue appropriate policy measures that will spur activities and accelerate development in the capital market.

At the 2022 PEARL Awards Nite, held in Lagos, at the weekend, the Director-General of the SEC, Lamido Yuguda said the commission is also committed to the development of the commodities market ecosystem to complement Federal Government’s efforts towards improving the agriculture and solid minerals sector.

Besides, Dangote Cement Plc, at the event, won the Sectoral Leadership Awards (SLA) under the Industrial Goods (Building Materials) subsector. According to Yuguda, the SEC is poised to become an impartial enabler and promoter that provides the framework for exchanges and all other participants in the Nigeria capital market ecosystem to thrive.

He assured stakeholders that the commission would continue to support, engage and collaborate with stakeholders in providing a level playing field for all quoted companies to thrive.

“As our mandate of market development and investors’ protection and with the firm support of the African Development Bank(ADB), the commission has commenced steps towards acquiring and deploying an integrated market support system in the form of a security surveillance software solution,” he said.

“Deployment of the security surveillance solution will improve market integrity, promote transparency on all trading platforms with the ultimate aim of eliminating market manipulation so that truly performing businesses can take their rightful place.”

Earlier, the President of PEARL Awards Board of Governors, Tayo Orekoya commended key players in the market for their outstanding performances despite headwinds.

He pointed out that the selection process was guided by the principles of fairness, transparency and objectivity, adding that winners were selected by merit based on their performance in the market and overall contributions to economic growth.

Orekoya also assured that the awards would continue in its tradition of rewarding and recognising outstanding performances based on verifiable facts and figures.

The President/CEO Dangote Group, Aliko Dangote, who was represented by the Group Executive Director, Government & Strategic Relations, Dangote Group, Mansur Ahmed expressed gratitude for the recognition even as he commended the organizers of the Aaards while urging stakeholders to continue in their strides to attain market excellence.

He noted that the Nigerian Stock Market is known for its resilience.

Dangote who doubled as the Chairman of the occasion was also presented with a Lifetime Achievement Award for National and Continental Economic Development. This was for his contributions in the country and across the continent.

Winners of awards across other sectors include Flour Mills of Nigeria under Consumer Goods category (Food Prod & Beverages), PRESCO Plc won the awards under Agriculture Sector, while NEM Insurance Plc won the Financial Services award (insurance), among others.

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