6 December 2012

Nigeria: SEC Deepens Stock Market, Woos Corps Members

As part of efforts to deepen the Nigerian capital market and widen the scope of its development mandate, the Securities and Exchange Commission (SEC) Nigeria is extending its public enlightenment programme to members of the National Youth Service Corps (NYSC).

The capital market is currently patronised by about 10 million people out of Nigeria's 167 million population; hence various efforts to educate more people on the benefits of the capital market.

SEC explained in a statement that the enlightenment exercise, which is taking the commission to the NYSC Orientation camps in the 36 states of the Federation and the Federal Capital Territory FCT Abuja, is the first of its kind and aimed, among others, at acquainting the corps members with various opportunities in the capital market.

According to the commission, corps members would be enlightened on the "structure of the Nigerian financial system, evolution of the Nigerian capital market, instruments in the capital market, how the capital market works, segments of the market and how to buy and sell shares as well as how to utilise the collective investment schemes (CIS) to invest in the market."

Also the corps members would be taught how to protect themselves in the market, especially against Ponzi schemes and wonder banks.

"Also included in the topics to be treated at the orientation camps are: risks in the stock market, issues of concern in the Nigerian capital market, role of SEC in the Nigerian capital market as well as complaints management in the market," the commission said.

Meanwhile, trading at the stock market closed on a positive note as the Nigerian Stock Exchange (NSE) All-Share Index rose by 0.20 per cent to close at 26,435.89.

This is the first major growth the market is posting after the Federal Government announced the write-off of N22.6 billion package on margin loans of 84 stockbroking firms last Monday.

The forbearance, granted in accordance with Section 6(5) of the Asset Management Corporation of Nigeria (AMCON) Act, is meant to boost trading activities in the capital markets.

Copyright © 2012 This Day. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.