Capital Market Development – SEC to Partner NBA
Securities and Exchange Commission (SEC) has said it would collaborate with the Nigeria Bar Association (NBA) to set up a standing committee to work together for the development of Nigeria’s capital market.
The director-general, SEC, Arunma Oteh stated this when the president of the NBA and his members visited the commission recently.
He said that the partnership was essential for the two organisations and the country in general to drive the present administration’s transformation agenda.
Oteh said Nigeria’s capital market has had big issues that have affected the integrity of the market, saying that the timing is perfect for SEC and the NBA to look at ways of collaborating in the interest of investors and the country’s economic development.
“The timing is right for us to look at how we can strengthen the relationship due to the value of the legal profession in fostering the rule of law in the society and the markets and the value of the capital market in transforming our economy. We can’t have a country that has such great potentials, has men and women that are entrepreneurs and still have a market this small.
“Nigerians by nature are business men; the capital market, in collaboration with the legal profession, should help to promote such businesses so that there is integrity and these businesses can grow to their full potentials by leveraging on the capital market. One area that people are beginning to talk about is the value of wealth distribution and addressing income inequality. If a mechanism can be instituted for creating wealth for anyone irrespective of his status or position in the society, then we would have democratised wealth creation and that is what the capital market does,” Oteh said.
The DG commended the NBA for being partners in the development of the capital market in Nigeria adding that the Commission is committed to raising financially literate citizens in the country.
Speaking, the NBA president, Augustine Alegeh expressed the interest of the NBA to work with SEC in several areas in a bid to improve the country’s economic development.
He said the Association has set up a committee on legislative advocacy which offers services free of charge, to ensure that proper laws are in place.
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