The newly reconstituted Board of the Securities and Exchange Commission (SEC) has been challenged to explore innovative mechanisms to attract investors both within and outside the country into the Capital and Financial markets.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, gave the challenge at the inauguration of the Board in his office in Abuja on Tuesday.
Edun reminded members of the Board that one of the key objectives of the present Administration was ensuring the realization of fiscal policy geared towards financial market regulations with a view to enhancing economic growth and development of Nigeria.
He emphasized the importance of facilitating financial development, improving the operational financial market, and mitigating challenges through the deployment of technology and innovation.
“Let me remind you and charge you that, SEC, being the apex financial market and key regulators in foreign exchange financial market, capital market and cooperative operators, needs to be innovative as well as improve on technology to mitigate the financial market challenges in line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration,” he said.
The Minister called on the Board to beam their search light on Crypto areas, which, he noted, was fast moving, to protect the interest of the investing and the general public.
“I urge you again to focus on crypto areas and develop a master plan for proper implementation, by ensuring that they are regulated according to the set guidelines,” he added.
While congratulating them on their appointment, the Minister who said members of the Board were selected based on their track record, expressed optimism that with their pedigree, the Commission was sure to witness the desired transformation.
He called on the Board members to ensure they brought their wealth of experience to bear in the realization of the policy objectives of the present administration.
The Chairman of the newly constituted Board of the Commission, Mairiga Aliyu Katuka, thanked President Bola Ahmed Tinubu for finding them worthy to be entrusted with the responsibility of the office.
Katuka underscored his predecessor’s efforts that culminated in the repositioning of the Commission as a regulating agency, promising to build a stronger and more resilient financial ecosystem, in line with the Commission’s mandate as well as the Renewed Hope Agenda of the present administration
He assured that members of the Board would harness their individual expertise and innovative ideas as well as their wealth of experience to bear in ensuring the realization of the policy objectives of government.
The new Board Chairman emphasized that the Board would pursue a comprehensive agenda aimed at advancing the interest of the investors, safeguarding market integrity, promoting capital formation and enhancing regulatory oversight.
He assured further that the Board would continue to collaborate with relevant stakeholders to ensure open communication and mutual cooperation to achieve the goals set for it.
While assuring President Bola Ahmed Tinubu that the Board would not disappoint the confidence reposed in them, Katuka was confident that the future of the Nigerian Security market was sure to chart a new course towards a more prosperous and resilient financial ecosystem.
He said with the reforms and policies put in place by the present administration, including robust inflation management, macro-economic innovations and improved private sector development, the system was bound to improve.
The Permanent Secretary, Federal Ministry of Finance, Lydia Shehu Jafiya thanked President Tinubu for approving the appointment of the members of the Board, whom she said were people with proven integrity and track record that would ensure the realization of the mandate of the Commission.
She called on the Board to leave no stone unturned in repositioning the operations of the Commission to deliver on its mandate.
Members of the Board which has Mairiga Katuka as Chairman, included the Director General of SEC, Dr.Emomotimi Agama, with Executive Commissioners, namely Bola Ajomale (Operations), Franca Chukwuogor (Legal and Enforcement), Samiya Hassan Usman (Corporate Services). Others included Non-Executive Commissioners Lekan Bello and Garba Kurfi.