Thompson Akpabio, Director, Legal, Regulatory and Taxation, Nigeria Employers’ Consultative Association (NECA) ; Ibrahim Boyi, Executive Commissioner Corporate Services, Securities and Exchange Commission (SEC) ; Reginald Karawusa, Executive Commissioner Legal and Enforcement, SEC ; Adewale-Smatt Oyerinde, Director General, NECA ; Lamido Yuguda, Director General, SEC; Adenike Adebayo-Ajala, Director, Social and Labour Affairs / Projects and Dayo Obisan, Executive Commissioner Operations, SEC after the Courtesy visit of SEC Management Team to NECA’s Headquarter, Alausa, Lagos State.
To promote the capital market and aid business activities, the two organisations consolidated their working relationship with the inauguration of the NECA/SEC Securities Issuers Forum (SIF).
SEC Director-General, Dr Lamido Yuguda, at a courtesy visit to the NECA House, yesterday, said the SEC was running a platform where the regulator meets with the private sector on issuers of securities in the Nigerian capital market to enforce cross fertilisation of ideas on all best to support securities issuers and what their concerns have been as well as how the commission can respond to those concerns through policy formulation and regulatory forbearances.
He said the idea of engaging NECA being the primary umbrella for the organised private sector (OPS) could serve as the fulcrum through which the commission and OPS can come together.
Yuguda noted some areas of interest from the SEC to include non-registration of securities of public unlisted companies and stemming the tide of de-listings in the Nigerian capital market, among others.
“We want to see a lot more issuance of securities by businesses. The capital market is there for them to raise money by issuing securities. We have seen a kind of lull in securities issuance, especially in the primary market. We want businesses to let us know why they are not coming to the market as before. We want to support them through better policies and better regulations.
On the benefit, he said: “It will allow businesses in need of financing to come to the capital market to raise the financing cheaper and increase employment generation because when businesses have investment projects that promise good, expected best of returns and can source cheap financing of the projects profitably, the ability to employ more people will increase.
“There will be better job creation for the whole country. That will then increase the disposable income of consumers for the generation of output. This translates to a virtual cycle. We are here in the significance the SEC places on the idea.”
Director-General of NECA, Adewale-Smatt Oyerinde, recalled that the engagement and inauguration of SIF in 2021, aided business activities such as the relief on filing of fourth quarter unaudited reports with the SEC by companies.
He said it aided the granting of a two-year extension for public companies to comply with the requirements of sections 60-63 of the Investment and Securities Act (ISA) 2007 on Internal Control over Financial Reporting, as well as training on the internal control over financial reporting.
The NECA boss called for the formal launching of the NECA/SEC Securities Issuers Forum (SIF), to be held this year.
According to him, this will create public awareness about the joint initiatives towards the development of the market and the country.
He added that the SIF could be positioned as a body to drive and contribute to the growth of the market as seen in other climes.
