SEC Boss, Uduk Salutes Nigerian Workers
- Canvass Capital Market investment for secured future
BY CHINYERE OBIORA, LAGOS – Nigerian workers have been challenged to embrace investment in the nation’s capital market to create wealth and save towards their retirements from active service.
They have also been counseled to deliberately set aside portions of their earnings to invest in the capital market as a back-up plan for the future.
Acting Director General of the Securities and Exchange Commission (SEC), Ms Mary Uduk, gave the charge in a goodwill message to commemorate the 2020 International Workers Day celebration.
Uduk said with capital market operations still on-going despite the COVIID-19 pandemic, workers must take advantage of the various opportunities for wealth creation that abound in the market to secure their future.
She however assured that the Commission has adequate rules and regulations in place to ensure workers’ investments are safe and secured, adding that among SEC’s numerous responsibilities is protecting the capital market’s integrity from all forms of abuse, including insider’s dealing and market manipulations.
Uduk said SEC also undertakes developmental activities to improve investors’ 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.
According to her, the Commission, in collaboration with other stakeholders in the financial system, is seriously working on various initiatives to address issues of financial literacy and financial inclusion in the market
“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”, the SEC boss assured.
She also hinted that SEC was currently implementing various initiatives under its 10-year capital market Master Plan to enhance the protection of investors, explaining that some of the initiatives include; Direct Cash settlement, e-dividend mandate system, transmission of shares, and dematerialisation of shares among others.
Uduk maintained that as the apex regulator of Nigeria’s capital market, SEC will not relent in introducing new ideas and policies that are dynamic, fair, transparent and efficient to develop, regulate and position the market as a major
contributor to the nation’s economic development
In reiterating her call for all workers to secure their financial future while working for the country, the SEC Director General said; “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”.
