10 December 2012

Nigeria: SEC, NSE Harp On Accurate Reporting of Capital Market

The Securities and Exchange Commission (SEC) and Nigerian Stock Exchange (NSE) have urged journalists covering the Nigerian capital market be accurate in their reports as part of efforts to sustain the recovering the market is currently witnessing.

The market, which dipped by 16.3 per cent last year has recorded a growth of over 28 per cent as at last Friday, indicating a gradual recovery.

However, the Director-General of the SEC, Ms. Arunma Oteh, said a recovering capital market was hyper-sensitive to information, particularly distorted information or downright falsehood.

"As such all hands need to be on deck to ensure sustained transparency, full disclosure and enlightenment predicated on accurate capture and rendering of material information at all times," she said.

Oteh, who spoke at the 2012 annual workshop of the Capital Market Correspondents Association of Nigeria (CAMCAN) in Badagry, Lagos through the Head of SEC Lagos Zonal Office, Mrs. Uche Molokwu, noted that capital market journalists had the important role of gathering complete and correct information, processing this information to make it assimilable through the right choice of words and sentence thereby provide motivation and appropriate change in the attitude of their readers.

"It is said that a well-informed individual will have a better attitude than a less informed one. The Nigerian capital market is at a turning point where history can be made because of stakeholders' determination to partner effectively in achieving our dream world class market," she said.

The SEC boss assured the commission's unalloyed commitment to partner CAMCAN by supporting the work of members through provision of and clarification of information in a timely manner to enable effective reporting.

Also speaking at the workshop, the Chief Executive Officer of the NSE, Mr. Oscar Onyema, said the theme of the workshop: "Effective Reporting of a Recovering Capital Market" was very apt and timely.

"I believe it was influenced by one of the critical needs in our market today, which is the need to ensure that investors are better educated and have access to quality information they can base investment decisions on," he said.

Onyema, who was represented by the NSE Chief of Staff and Head of Corporate Division, Mr. Bola Adeeko, said there was the need for all stakeholders in the market to team up and work in harmony on repositioning the capital market.

"It is our collective responsibility and it must be done in the interest of the nation as whatever affects the capital market, affects the economy and invariably the citizenry. It goes without saying that information is the lifeline of any vibrant market and the Effective Reporting of a Recovering Capital Market is a germane ingredient in achieving the desired growth," he said.

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