The Securities and Exchange Commission, SEC, has announced plan to work together with the Nigeria Bar Association (NBA) to facilitate capital market development.
Consequently, the commission and the NBA have reached an agreement to set up a standing committee for the purpose of developing the market.
The Director-General of SEC, Ms. Arunma Oteh, made the announcement while receiving the NBA president, Augustine Alege, and some members of his executive in her Abuja office.
She explained that said the partnership is essential for the two organizations and the country in general to drive the present administration’s transformation agenda.
Oteh said Nigeria’s capital market has had big issues that have affected the integrity of the market, saying that the timing is perfect for the SEC and the NBA to look at ways of collaborating in the interest of investors and the country’s economic development.
“The timing is right for us to look at how we can strengthen the relationship due to the value of the legal profession in fostering the rule of law in the society and the markets and the value of the capital market in transforming our economy. We can’t have a country that has such great potentials, has men and women that are entrepreneurs and still have a market this small.
“Nigerians by nature are business men; the capital market, in collaboration with the legal profession, should help to promote such businesses so that there is integrity and these businesses can grow to their full potentials by leveraging on the capital market. One area that people are beginning to talk about is the value of wealth distribution and addressing income inequality.”