SEC hails Tinubu on economic reforms

From Uche Usim, Abuja

The Director General of the Securities and Exchange Commission, Mr. Lamido Yuguda, has extolled President Bola Ahmed Tinubu, for the aggressive reforms so far embarked on which are meant to rejuvenate the nation’s economy and improve the standard of living of Nigerians.

Yuguda, in a recent interview, noted that the coming of President Tinubu saw a 5.23 per cent surge in market capitalization at the NGX on his first day, driven by optimistic anticipation of market reforms.

According to Yuguda, “It is a fact that there are prevailing challenges arising from demanding macroeconomic conditions, constrained consumer spending, and rising operational costs. Despite these challenges, there remains a shared sense of optimism that ongoing rigorous reforms will rejuvenate the nation’s economy”, he said.

Yuguda stated that Nigeria had outperformed global indices on gains in the All Share Index (ASI) and market capitalisation in the first half of 2023, an indication that the economy is being reflated.

The Director General also stated that the Investments and Securities Bill (ISB) 2023 which aims to align regulations with the modern dynamics of the market is presently being considered by the 10th National Assembly and expressed the hope that if passed into law, it will enable optimal contribution of the capital market to national development.

In a related development, the SEC boss said the remarkable growth witnessed in the Nigerian banking industry over the past decade was partly attributable to the capital market and SEC’s comprehensive regulatory approach.

“The harmonious relationship between the capital market and the banking sector is further exemplified by our role in facilitating capital raising, mergers and acquisitions for banks.

“By streamlining the listing process and ensuring adherence to high standards of transparency and corporate governance, we enable banks to tap into the securities market as a means to secure funds from a diverse range of investors

“This synergy between the banking industry and the capital market is illuminated by the fact that only four out of the 25 banks that emerged from the Central Bank’s 2004 recapitalization exercise did not access the capital market before compliance.”