Nigeria: SEC Aims to Drive Infrastructure Financing through Capital Market in 2024

SEC blames forex scarcity for low foreign investments
Share this article

The Securities and Exchange Commission’s Director-General, Lamido Yuguda, announced a strategic focus on infrastructure financing via the capital market in the upcoming year. Speaking at the third-quarter post-Capital Market Committee press briefing in Lagos, Yuguda emphasized the Commission’s goal to channel capital market funds into infrastructure projects. He highlighted the government’s vision for a $1 trillion economy by 2026 and expressed confidence in achieving this ambitious target through the galvanization of the market.

Yuguda revealed the establishment of a dedicated group during the recent Capital Market Committee meeting to delve into the specifics of advancing this financing initiative. The SEC boss emphasized the potential for collaboration in this effort and mentioned that the group would convene before the end of the year to chart the way forward.

Addressing concerns about delisting in the capital market, Yuguda clarified that while some companies, including Union Bank, PZ Cussons Nigeria Plc, and Glaxo SmithKline Consumer Nigeria Plc, are in the delisting process, high-cap stocks are actively participating in the market. He corrected misconceptions, stating that companies driving market capitalization are not exiting but are actively joining the market. The focus remains on attracting more listings to elevate market capitalization.

During the media briefing, it was disclosed that the SEC has secured the support of the National Assembly to facilitate the passage of the Investment and Securities Bill. This bill strengthens the Commission’s role, incorporates provisions for the commodities exchange market, and introduces increased sanctions for Ponzi scheme operators, aligning with the ongoing efforts to enhance regulatory frameworks.

Share this article

Nigeria: Dr. Aminu Maida Confirmed as NCC Boss, Vows to Bridge Access Gap

Previous article

Nigeria: ICPC and ACCI Partner to Tackle Integrity Deficit in Procurement Contracts

Next article

You may also like


Comments are closed.

More in Nigeria