SEC Announces New Technology To Curb Market Infringements

The Securities and Exchange Commission (SEC) has disclosed that its information technology (IT) project that would enable the commission to detect infringement in the market real time has attained over 75 per cent completion.

The former Director-General of the SEC, Lamido Yuguda, noted that the initiative would help to improve internal efficiency and reduce time-to-market.

Speaking at a virtual Post Capital Market Committee press briefing held in Lagos at the weekend, Yuguda expressed that a robust risk management and internal control framework has been put in place for the National Investor Protection Fund (NIPF) that would commence operations in the current quarter.

On market supervision, he explained that the commission has intensified its supervisory efforts, focusing on fund managers and conducting inspections to address vulnerabilities and enhance stability.

Yuguda further expressed the SEC’s commitment to embracing FinTech innovations while managing associated risks and establishing a regulatory framework for the digital asset space.

He said aligning with and directly supporting the Federal government’s infrastructure development goals, the SEC approved five infrastructure fund shelf programs totalling ₦1.5 trillion, a major step forward.

Similarly, he applauded the CBN for the recently announced policy on bank recapitalisation and said the commission has drawn useful lessons from the previous exercise and will soon issue appropriate guidelines to facilitate an efficient capital-raising process in the present exercise while assuring that the commission committed to a process that will ensure speed, fairness, and good market conduct.

According to him, “SEC is collaborating with the Central Bank of Nigeria (CBN) and other relevant agencies to ensure a smooth process. The capital market is strong, efficient and resilient.

“Over the past few quarters, some large companies have raised significant financing from the market signifying the depth and ability of the market to provide such financing. We are confident of the ability of the market to provide the needed funds in the banking recapitalisation.”