Senate pledges to encourage investments in capital market

The Senate Committee on Capital Market has pledged commitment to legislations that would improve investments in the capital market

Deputy Chairman of the committee, Foster Ogola, made the pledge in Abuja when its members visited the Securities and Exchange Commission (SEC)’s Head Office, as part of its oversight function.

Ogola said the members were at SEC to know what it was doing and how the Senate could support it in their regulatory function.

He said: “We are here to look at your performances within the year, the challenges you encountered, and explore ways that the Senate can help to make you perform better as the apex regulator of the Nigerian capital market.

“We expect inputs from you on ways to deepen the market and make it more vibrant, and if there are ways we can assist with relevant legislations, we are willing to do so to grow the capital market and ultimately the country’s economy.”

Ogola reiterated the determination of the Senate to making laws that will encourage new listings, as well as helping in revamping the capital market to make it more vibrant.

A member of the Committee, Senator Mohammed Shaaba Lafiagi, stressed the need for more interface between the senators and the SEC, to find lasting solutions to specific issues affecting investment in the capital market.

Acting Director General of the SEC, Mary Uduk, commended the committee for the efforts they have made so far in ensuring adequate legislation for the capital market.

Uduk, however appealed to the lawmakers to assist in ensuring that government-owned companies enlist on the exchange to boost investors’ confidence and attract investments from foreigners.

She said: “We have very big government corporations that can be listed to give foreigners comfort by also enlisting on the exchange. If this happens, it will be good for the market and also give confidence to investors.”

She disclosed that the SEC has embarked on a number on initiatives to boost investors’ confidence also deepen the market.