SEC cannot partner with misfits, says Uduk Ag. DG

The Securities and Exchange Commission (SEC), has reiterated its commitment to collaborate with relevant stakeholders to strengthen Nigeria’s capital market.

She, however, added that such collaborative efforts would only be with associations and persons that were fit and proper to operate in the market.

The Acting Director-General of SEC, Ms Mary Uduk said this in a statement issued by the Acting Head of Media, Mrs Efe Ebelo on Sunday in Abuja.

Uduk said this when members of the Association of Stockbroking Houses of Nigeria (ASHON) met with the management of SEC at the weekend in Abuja.

Uduk said a well-functioning capital market was essential for Nigeria’s economic development.

She said to realise its full potential, the country must have a world class capital market that was strong, sustainable, effective, and played a central role in economic development.

According to her, the SEC is open to suggestions and actions that will make the capital market vibrant.

Uduk commended members of the group on their efforts so far in deepening the market, especially for their support toward the financial literacy campaign of SEC.

The director-general pledged SEC’s willingness to collaborate with the association to lift the market and re-position it among leading capital markets that met international standards and best practices.

“It’s good that we work together to take our capital market to the height we want it to attain.

“We are ready to engage with you to give us clarity on several issues relating to the market.

“We are also open to discussions that will benefit the market, because the market is the most important in all our engagements,” Uduk said.

Earlier, the Chairman of ASHON, Mr Onyewechukwu Ezeagu pledged the commitment of the group to ensure growth of Nigeria’s capital market.

“We have always worked with SEC and will continue to do so and accord you all the co-operation you require to succeed.

“Whatever needs to be done to make the market work is of concern to the association,’’ Ezeagu said.

The ASHON chairman also said the group would continue to collaborate with the commission to ensure financial literacy in the country.