2 December 2012

Nigeria: SEC Seeks Stakeholders' Co-operation for Sustainable Market Growth

The Securities and Exchange Commission (SEC) on Sunday solicited total collaboration among capital market operators to accelerate the growth of the capital market.

Ms Arunma Oteh, the Director-General of SEC, made the call at the 2012 Annual Workshop of the Capital Market Correspondents Association of Nigeria (CAMCAN) in Lagos.

Oteh, who was represented by Mrs Ifeoma Molokwu, SEC's Head of Lagos Operations, said that the stakeholders' commitment was imperative for the evolution of a strong and deep capital market which could foster the country's socio-economic development.

"The stability and gradual recovery seen today attest to the commitment of all players in building a strong and deep capital market.

"The critical role of the capital market in mobilising finance for medium and long-term investment required by governments and corporate businesses has been undermined by the market crisis.

"Misinformation is detrimental to the market crash between 2007 and 2009.

"The erosion of investor confidence, corporate governance, risks' management and capacity issues kept the market paralysed and unable to impact on the economy during the crisis," she said.

Oteh noted that the Nigerian Stock Exchange (NSE) All-Share Index, which peaked at 57,990.22 at the end of 2007, declined by 45.7 per cent and 33.8 per cent in 2008 and 2009 respectively.

She said that a recovering capital market was sensitive to information, particularly distorted information or downright falsehood.

The News Agency of Nigeria (NAN) reports that Oteh spoke on "Effective Reporting of a Recovering Capital Market".


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