SEC sets to sanitize the capital market

Lamido Yuguda, the new Director-General of the Securities and Exchange Commission has said the new management of the commission will tackle capital market manipulation and fraudulent activities.

Yuguda, who was appointed by the President, Major General Muhammadu Buhari (retd.) in May, stated this on Wednesday while being screened by the Senate, alongside nominees for the posts of SEC commissioners.

He pledged the determination of the nominees in ensuring that the capital market in Nigeria realise its full potential.

Yuguda said the incoming management was willing to work with operators and stakeholders to ensure robust regulation of the capital market.

He said investor protection would be at the centre of the initiatives of the new management, warning that any operator caught short-changing investors would not go scot-free.

He said, “We want to assure investors that this market is for them and we are ready to do everything to ensure that we increase investor enlightenment through education, robust regulation and fair dealing.

“For those that want to defraud investors, there would be no respite because we are ready to fight market manipulation to the last; anyone who flouts our rules will be made to face the consequences of their actions.”

Yuguda commended members of the Senate Committee on Capital Markets for their efforts towards revamping the capital market, adding that the incoming management would work with the committee to achieve more results.

“We have seen the passion this committee has for the capital market. We are ready to work with this committee to ensure that the capital market is a pride to this country,” he added.

 

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