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House of Representatives, SEC reiterate support for Nigerian Stock Exchange

NGX, partners say Single Stock Futures to deepen market

The House of Representatives and Securities and Exchange Commission (SEC) of Nigeria have reiterated their support for the Nigerian Stock Exchange (NSE) as it continues to play a critical role in aiding Nigeria’s economic recovery and sustainable growth.

This was made known at the enlightenment tour of the Committee on Capital Market and Institutions, Federal House of Representatives and the SEC to The Exchange on Wednesday, December 9, 2020.

The delegation to The Exchange was led by the Chairman, Committee on Capital Market and Institutions, Federal House of Representatives, Ibrahim Babangida and the Director General, SEC, Lamido Yuguda.

Speaking during the tour, Honourable Babangida stated, “It is my pleasure to be at The Exchange today and to hear about the commendable work that is being done. At the Federal level, we want to see the NSE and indeed the capital market play its significant role in the economic recovery process of Nigeria especially now that the country has plunged into recession. We recognise that some of the rules within the capital market must be revisited to deliver the results we expect, and we, hereby, reiterate our support for the NSE where legislation is required to make the necessary changes.”

Also speaking at the event, Yuguda expressed his delight to be at The Exchange, and thanked the leadership for hosting the delegation. He further stated, “The SEC has been working collaboratively with The Exchange and we will continue to support the NSE to grow the market capitalization, reduce the incidence of delisting and ensure that the market develops into what Nigeria truly needs. We have seen the massive infrastructure needs of the country and we are confident that the capital market has the capacity to raise the funds needed to finance infrastructure in Nigeria.”

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On his part, the Chief Executive Officer, NSE, Oscar N. Onyema noted, “The Exchange is glad to host our Legislative Oversight Committee in the Federal House of Representatives as well as our Apex Regulator, Securities and Exchange Commission. Advancing the Nigerian capital market is the collective goal of all key stakeholders and we remain committed to collaborating with the government at all levels to advance and deepen this market. We are therefore excited to be part of this enlightenment initiative, which presents the opportunity to refresh and update our lawmakers on the activities of the capital market, and its role in the Nigerian economy.”

In his presentation to the delegation, Onyema highlighted the resilience of The Exchange in the face of the COVID-19 pandemic and the proactive steps taken to ensure seamless operations for capital market stakeholders. In highlighting critical steps for Nigeria’s economic recovery, he noted the need for public and private sector players to work together to foster a stronger financial system, and the importance of keeping investors abreast of Federal Government’s legislative and executive actions.