SEC DG ‘won’t deviate’ from master plan

The new administration at the Securities and Exchange Commission (SEC) will continue the implementation of the 10-year capital market master plan.

Director General, Securities and Exchange Commission (SEC), Mr Lamido Yuguda said the implementation of the master plan will be one of the major priorities of the new management of the apex capital market regulator.

He said the experience of the new management, ground work done by the past management and the quality and professionalism of SEC staff should impact very positively on the capital market.

Lamido said while the new management team at SEC also seeks possible ways of strengthening the Capital Market Master Plan for enhanced impact, the members will equally work towards improved market regulation, surveillance and general development.

“In order to do this effectively, we will need to develop relevant capacities. This we shall do by first learning from existing internal efforts and also from other available innovative approaches.

We would also foster collaboration with relevant stakeholders, be they private, public or international in achieving our mandates,” Yuguda said.

The Capital Market Master Plan launched in 2014 has the objective of positioning the capital market for an accelerated development of the national economy.

Yuguda, expressed sincere gratitude to the immediate past management team of the SEC for the great job they did in the last two years and the efforts they put in to ensure the stability and development of the market.

He noted that the Capital Market Master Plan has definitely contributed to the development of the Nigerian capital market and the economy in line with its objectives, saying that many of the plan’s initiatives have been successfully implemented while many others are Work in Progress.

Yuguda assured that the new management will work to the best of its abilities to uphold the good things it met on ground and consciously seek ways to improve them to the benefit of all stakeholders.

“My colleagues in the new management and I should see our appointment as an opportunity to serve. Together we must set our sights on achieving those milestones that are capable of making the capital market a powerful engine of growth for the Nigerian economy,” Yuguda said.

He commended the past management for setting up the Capital Market Support Committee on COVID-19 to coordinate the market’s contribution to fighting the pandemic, assured that the initiative will continue to be upheld.