FG Charges Board Members of SEC To Drive Capital Market Growth.

By Daniel Peters

The Federal Government has charged the new inaugurated Board Members of the Securities and Exchange Commission (SEC) to explore innovative mechanisms and improve on digital currency transactions in regulating Financial market to attracting investors both within and outside the country.

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, while inaugurating the Board in Abuja on Tuesday, stated that one of the key objectives of the President Bola Ahmed Tinubu’s Administration was ensuring the realization of fiscal policy geared towards Financial market regulations with a view to enhancing economic growth and development of Nigeria.

The Minister 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 also that, SEC, being the Apex Financial market and key regulators in foreign exchange financial market, Capital market and cooperative operators, need 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”, Edun noted.

The Minister called on the Board to beam their search light on Crypto areas, which he said are fast moving, in order to protect the investment public and the general public, Let me
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 guidelines.

While congratulating them on their appointment, Mr Edun added that the members of the Board were carefully selected based on their track record.

He expressed optimism that with the pedigree of the members of the Board, the Commission was sure to witness the desired transformation.

The Minister therefore called on them to ensure that they bring in their wealth of experience to bear in the realization of the policy objectives of the present administration.

Responding, the Chairman of the newly constituted
Board of the Commission, Mr Mairiga Aliyu Katuka, thanked President Bola Ahmed Tinubu for finding them worthy to assume the office of trust and responsibility.

He underscored his predicessor’s efforts that culminated in the remarkable achievements which repositioned the Commission as a regulating agency and promised 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.

Mr. Katuka assured that members of the Board will 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 will continue to collaborate with relevant stakeholders so as to ensure open communication and mutual cooperation in order to achieve the goals set for it.

While assuring President Bola Ahmed Tinubu that the Board will not disappoint the confidence reposed on them, Mr Katuka
expressed optimism that the future of Nigerian Security market is sure to chart a new course towards a more prosperous and resilient financial ecosystem, especially with the reforms and policies put in place by the present administration which includes robust inflation management, macro-economic innovations and improved private sector development.

Earlier in her opening remarks, the Permanent Secretary, Federal Ministry of Finance, Mrs Lydia Shehu Jafiya, commended the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, for his unwavering and sterling leadership that is enabling the Ministry and its Agencies to deliver on their mandate.

She thanked President Bola Ahmed Tinubu for approving the appointment of the members of the Board, whom she said are people with proven integrity and track record that will ensure the realization of the mandate of the Commission.

Mrs Jafiya also called on the Board Members to leave no stone unturned in repositioning the operations of the Commission in order to deliver on its mandate.

Delivering a closing remarks at the occasion, the Permanent Secretary Special Duties, Federal Ministry of Finance, Mr Okokon Ekanem Udo, thanked President Bola Ahmed Tinubu for constituting the new Board at this crucial time that the country’s financial ecosystem is in dire need of growth and development.

Mr Okokon also thanked the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, for ensuring the Ministry’s resolute in implementing government policies and programmes that positively impact on the lives of the citizens.

He appealed to Nigerians to continue to support the Federal Government in its determination to reposition the economy for the future of the nation.

Members of the Commission inaugurated by the Honourable Minister include: