November 16, 2017

The Securities and Exchange Commission (SEC) has urged capital market operators to adopt new skills for better performance and economic development of the country.

The Director-General of SEC, Mr Mounir Gwarzo, gave the advice at the opening of the 21st Annual Conference of Chartered Institute of Stockbrokers.

The Head of Corporate Communication of SEC, Mr Naif Abdulsalam, made the information known in a statement in Abuja on Thursday.

“Almost everything now comes down to the application of relevant technology; in fact, technology is at the nucleus of dynamic changes in the world today.

“The financial market institution of the future is one that is currently making conscious effort to automate its processes by leveraging on relevant technology.

“And as an evidence of the responses to dynamic changes in the Nigerian financial market, the capital market has begun to observe the evolution of new products and processes.

“These products include Sukuk, Green Bonds, Derivatives, Commodities and Financial Technology (Fintech),’’ Gwarzo said.

He said that the commission was committed to continue development of the Nigerian capital market in line with its 10-year Master Plan.

Gwarzo explained that the E-Dividend initiative by SEC was very central, adding that the commission recently embarked on a massive media campaign to sensitise the public on the initiative.

He said that the commission had embarked on public enlightenment on the Dec. 31 deadline on free e-dividend registration and regularisation of multiple accounts by investors.

Gwarzo said that the commission had strengthened its rule making process and that more rules were being considered on a timely basis with the underlying justifications.

He said,“ as evidence of yielding positive results on some of the recently introduced initiatives, the number of reported cases of infractions in the market has reduced from 291 in Q1’2016 to 36 in Q3’ 2017.

“Also, the number of Enforcement Cases has come down from 49 to 30 within the same period.’’