Technology, and the influence of the COVID-19 pandemic, according to the Securities and Exchange Commission, are altering capital market activities.
This was disclosed by Director-General, SEC, Mr Lamido Yuguda, at a meeting with stakeholders on Wednesday, January 20, 2022. The SEC boss expressed gratitude to the Nigerian Exchange Limited, the Central Securities Clearing System, and other capital market stakeholders for their efforts to expand the market while dealing with the problems posed by the COVID-19 epidemic and its variants.
According to him, the launching of the Smart Surveillance System and X-Mobile App for retail trading; upgrading of the X-Issuer Platform to further enhance market integrity; and the X-Public Offer initiatives are achievements that support the common goal of building a world-class capital market.
What they are saying
Speaking at the event, Yuguda said, “The past two years have been challenging for the Nigerian capital market, which is largely a reflection of the pandemic-related unexpected challenges in global markets. However, the NGX has continued to deploy capable resources to tackle elements militating against the market’s growth. You will agree with me that the efforts made and gains achieved in this regard are as a result of the collective efforts of various stakeholders in the Nigerian capital market, including the commission and the NGX Ltd.”
Yuguda highlighted the challenging task ahead and the new threats brought forth by financial technology. “While trying to look at the rules, we should not forget that the ultimate goal of the commission is to have a fair and transparent market that is fair to investors,” he said.
While speaking, the Chief Executive Officer of NGX Limited, Mr Temi Popoola, said the strong growth and market interactions in recent times could be attributed to the collaborative efforts of stakeholders. He said, “A lot of opportunities exist for the capital market. Technology can be used to address the capital formations in the market and we are making progress in tapping that.”
“We are on a digitalisation drive and we have started with the MTN offer which was done electronically, we need to improve on that going forward. That is the only way to unlock the demography of young Nigerians that are technology savvy. We are collaborating with relevant stakeholders to ensure what’s best for the ecosystem. We are exploring ways to strengthen the entire market infrastructure,” he added.
