Utilise benefits of capital market initiatives, FG tasks investors

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Factual Pursuit of Truth for Progress

 

The Federal Government has urged investors in the Capital Market to take advantage of initiatives introduced in the market, which aim at strengthening the market and speeding up development.

This call was made by the Minister of Finance, Budget and National Planning, Zainab Ahmed at the enlightenment workshop/Investor clinic session with the Federal Ministry of Finance, Budget and National Planning and its agencies in Abuja.

The Minister who was represented by Director Home Finance, Stephen Okon, said the enlightenment program is in line with the commissions’ Capital Market Master Plan and urged the Securities and Exchange Commission to reflect and review the challenges faced by investors with a view of actualizing the objectives of the plan in the few years left.

Ahmed was quoted as saying: “It is worthy to know that the SEC marked out a 10-year plan for development of the Nigerian capital market. The objective is to device strategies for the development of the Nigerian capital market in key areas such as investor protection and integration, professionalism and product innovation and for the expansion of the capital markets role in Nigeria’s economy.

“The SEC deemed it fit to host members of staff of the ministry of finance, budget and national planning and agencies under the ministry in a capital market training procession and workshop with investors.”

In his opening address, Director General of the SEC, Mr. Lamido Yuguda, said the event, which is organised by SEC in collaboration with the Financial Literacy Technical Committee (FLTC), is an annual event coordinated by IOSCO, which it mandates securities regulators globally to commemorate in their respective jurisdictions for the promotion of investor education and protection.

Yuguda said as as a member of IOSCO, the SEC is joining the rest of the world to celebrate this important week with planned activities focused on enlightening retail investors on their rights, duties and responsibilities, and educate them on contemporary issues in the Nigerian capital market.

According to Yuguda, the Nigerian financial sector is experiencing a return of Ponzi schemes and illegal fund managers, who lure their subscribers by making promises of huge and unjustifiable returns on investment adding that these unlawful schemes have and continued to enjoy the massive patronage of the Nigerian populace and remain a source of concern for regulators in the financial sector.

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