- Pledges improved financial literacy, inclusion
By Omobayo Azeez
Nigerian workers have been urged to invest in the Nigerian capital market in a bid to create wealth and save towards their retirement.
Mary Uduk, acting director-general of the Securities and Exchange Commission (SEC), counseled the workers in a goodwill message on the commemoration of the 2020 International Workers Day celebration held recently.
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Uduk urged workers to deliberately set aside some portion of their earnings towards investing in the capital market.
The SEC boss stated that capital market operations were still on-going in spite of the Covid-19 pandemic and urged workers to take advantage of the various opportunities for wealth creation that abound in the market.
Uduk further stated that the SEC had adequate rules and regulations in place to ensure that workers investments were safe, adding that one of the responsibilities of the commission is “protecting the integrity of the capital market from all forms of abuse including insider dealing and market manipulations.”
She stressed also that the SEC, as the highest regulatory authority in the market, also undertakes developmental activities to improve investor education and participation, promote new instruments and encourage innovation in the market.
“Investors are also protected through the National Investors Protection Fund (NIPF) and Risk-Based supervision of capital market operators to ensure a transparent and efficient market in order to boost investors’ confidence” She said.
She said the commission, in collaboration with other stakeholders in the financial system was making efforts to come up with various initiatives to address the issues of financial literacy and financial inclusion in the market.
According to her, “We are committed to enlightening investors about the capital market and the attendant benefits while also cautioning against investing in fraudulent schemes that appear mouth-watering but are actually not capital market products.
Uduk added that SEC was currently implementing various initiatives under its 10-year capital market master plan to enhance the protection of investors.
Some of these initiatives include Direct Cash settlement, e-dividend mandate system, transmission of shares, and dematerialisation of shares among others, she highlighted.
The Acting DG stated that the SEC as apex regulator of the capital market shall continue to introduce new ideas and policies towards developing and regulating a capital market that is dynamic, fair, transparent and efficient, to contribute to the nation’s economic development.
The SEC boss therefore urged all workers to secure their financial future while working for the country, adding: “You have worked very hard to make our nation what it is today and I urge you to invest today and reap the benefits at retirement”.