The Director-General of the Securities and Exchange Commission (SEC), Lamido Yuguda on Friday outlined the commission’s strategic shift towards infrastructure financing through the capital market in the coming year.
During the third-quarter post-Capital Market Committee press briefing in Lagos on Friday, Yuguda emphasised the potential for a $1 trillion economy by 2026 and a $3 trillion economy by the end of the decade.
He expressed confidence in the country’s capability and highlighted the SEC’s commitment to channelling capital market funds into infrastructure projects.
A dedicated group has been established to drive this initiative, with plans for a meeting before the year concludes.
Addressing concerns about delisting in the capital market, Yuguda acknowledged ongoing delisting processes for companies such as Union Bank, PZ Cussons Nigeria Plc, and Glaxo SmithKline Consumer Nigeria Plc, among others.
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However, he corrected misconceptions, asserting that, despite exits, high-cap stocks continue to dominate the market.
With a focus on attracting new listings, Yuguda emphasised that prominent companies are not only remaining in the market but actively contributing to its growth.
The SEC’s target is to increase market capitalization by 50 percent, aiming to foster a vibrant market with a robust mix of companies.
During the briefing, it was revealed that the SEC has garnered support from the national assembly to facilitate the passage of the Investment and Securities Bill.
This bill strengthens the SEC’s role, introduces provisions for the commodities exchange market, and enhances sanctions for Ponzi scheme operators.
The SEC remains committed to creating an environment conducive to sustainable market growth and development.
(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)
