Dollar to Naira News

Be open to innovation, finance minister urges SEC board – Punch Newspaper

By Damilola Aina

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has charged the new Securities and Exchange Commission board to embrace innovation to effectively regulate the dynamic capital market.

“Be courageous, bold, open to innovation, and willing to accept the challenge of regulating new areas,” he urged the board members at the inauguration held on Monday in Abuja.

He emphasised the importance of innovation in regulating the capital market.

The minister also highlighted the need for the SEC board to address arbitrage in the market, stating that it was crucial for the board to “be willing to accept the challenge of regulating new areas.”

He pointed out that financial technology and communications are areas that are fast advancing, adding that with the advent of Artificial Intelligence, and digital currency among others, there is a need for the regulator to be knowledgeable to be able to provide guidance and necessary approvals.

He said, “The top minds go into finance, they go into technology because, in the basic industries, the technology is simple, whether it is steel making or basic manufacturing, fast-moving consumer goods, etc. Those are settled technologies.

“The areas that are advancing at a fast pace are financial technology, communications, artificial intelligence, crypto, digital currency, and digital transitions as a whole.

“Therefore, you do have to be on your toes. The good thing is that when a transaction comes, it has to be discernible, understandable to the end investor, it has to be understandable to the issuer, it has to be understandable to the regulator or it won’t get the approval it needs, so that is one comfort I see about the financial market.”

In his remarks, the Chairman of the SEC Board, Mairiga Katuka, assured the minister that the new board will harness their individual and collective expertise, innovation, and passion to drive growth in line with the commission’s dual mandate of developing and regulating a capital market that is fair and efficient.

He said, “The board will pursue a comprehensive agenda aimed at advancing the interest of investors safeguarding market integrity, promoting capital formation, and enhancing regulatory oversight.

“The nation’s future economic outlook appears positive, driven by reforms put in place by the current administration including robust inflation management, social protection, macroeconomic stability initiatives, and improved private sector development. These initiatives would undoubtedly engender economic growth.”

Katuka stated that in line with the Renewed Hope Agenda of the current administration, he is optimistic about the future of Nigeria’s securities market, adding that together with diligence, integrity, and a shared sense of purpose there is hope for a more prosperous and resilient financial ecosystem.

On April 19, 2024, President Bola Tinubu approved the appointment of board members.

A statement by Special Adviser to the President on media, Ajuri Ngelale, said the President anticipates that all the members of the board of this critical commission will bring to bear their wealth of experience and competence in advancing the commission’s core mandate of developing and regulating a capital market that is dynamic, fair and transparent and efficient, to bolster investors confidence and contribute immeasurably to the nation’s economic development.

⁣The new board includes Mairiga Katuka (Chairman of the Board), Emomotimi Agama as Director-General, Frana Chukwuogor as Executive Commissioner (Legal and Enforcement) and Bola Ajomale as Executive Commissioner (Operations).⁣

Others are Samiya Usman as Executive Commissioner (Corporate Services), Lekan Belo, and Kasimu Kurfi as Non-Executive Commissioners.

See Dollar to Naira black market today, Pound to Naira, Euro to Naira, Dollar to Naira CBN rate and Dollar to Naira Bank rate today.

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