Business
Vibrant capital market vital for economy – SEC
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The Director General of the Securities and Exchange Commission, Lamido Yuguda, has said a vibrant capital market is vital for the economy.
Yuguda stated this over the weekend in Keffi at the flag-off ceremony of the Institute of Capital Markets Studies in Nasarawa State University, Keffi.
He said research carried out there can help investors navigate the dynamic nature of the capital market.
He said: “We want a well-informed investor base, and we urge the institute to form strong collaboration with SEC and the capital market to provide the much-needed expertise in the capital markets.
He said the Commission is working with education research institute to develop curriculum for financial education programmes, noting that it will work with NSUK capital market institute to create a more vibrant capital market that will serve the interest of all. This, he noted,is in line with the SEC ten year capital masterplan.
He further urged the institute to establish a strong working relationship not only with the SEC, but also with the Nigerian Capital Market Institute (NCMI) which will foster a comprehensive approach to financial education, leveraging the expertise of both institutions for the benefit of Nigerian students and investors.
In his address, the director of the institute and Nigeria’s pioneer professor of Capital Markets, Prof. Uche Uwaleke, noted that the institute is the first university-based institute of capital markets studies in Africa which will not centre on training but also research.
Uwaleke noted that aside from South Africa, which is an emerging economy, most African economies are frontier economies which are measured by the strength of the financial markets.
He said it is important to have an institute that provides policy recommendations that serve the needs of the financial services sector.
According to him, “The institute will be providing evidence-based research on challenges that are constraining developing economies. So, what we will be doing is to identify these challenges and solutions.
Nigeria requires synergy for capital market to thrive – Stakeholders
Meanwhile, stakeholders who spoke at the sidelines of the event, among them the chairman, Senate Committee on Banking, Sen. Tokunbo Abiru, said partnerships are critical for the success of Nigeria’s capital markets.
“The idea of establishing an institute is to serve as a launch pad for growth. As chairman of the Senate Committee on Finance, I am excited and convinced that it will facilitate the work of my committee and we will make important partnerships which is why the private sector is critical in the market. There is no way we can achieve a N1 trillion economy without a sound financial market,” he stated.
Also speaking, the economic adviser to former President Olusegun Obasanjo and founder of the Economic Growth and Development Centre, Magnus Kpakol, said it is crucial to have institutions that will provide critical solution-based recommendations to the government, adding that “Conversations should now be centred on how to drive the vision of the institute through different stakeholders.”
The chairman of the Nigerian Exchange (NGX), Dr Umaru Kwairanga, urged the institute to collaborate with the Chartered Institute of Stockbrokers to deepen Nigerians’ knowledge of the capital markets and how they can invest in it to boost the economy and the country at large.
He further stated that the major investors in the economy, like Dangote Group, should invest heavily in the institution as part of efforts to improve its efficiency and reach.
Reps to facilitate establishment of maritime bank – Dasuki
To address some of the challenges hampering business growth in the shipping segment of Nigeria’s maritime and blue economy, the House of Representatives has promised to facilitate the establishment of a maritime bank.
The chairman of the House Committee on Shipping Services, Abdulsalam Dasuki, gave the assurance during the committee’s oversight visit to the Nigerian Shippers’ Council (NSC) in Lagos.
Dasuki, who was responding to the challenges listed by the council, including capital flight, as affecting the shipping and port segment, said the committee would “look into the possibility of championing the maritime bank.”
“The maritime sector – key players and ship owners – will have their own bank. The whole idea is to stop the capital flight we currently have in the maritime sector.
“I believe we are going to have not only the support of the House of Representatives but the entire National Assembly to make sure that this is done,” he said.
He said the bill to make NSC the true regulator has passed second reading, assuring that public hearing on it will be held soon.
Earlier, the agency, while listing the many challenges arising from the absence of legislation empowering it as the Port Economic Regulator, had disclosed in its presentation that it saved N33bn from capital flight.
The NSC Executive Secretary/Chief Executive Officer, Mr Akuta Pius Ukeyima, stated that the added role of port economic regulator places more work on the agency to oversee the sector.