Capital market investors have been urged to take advantage of initiatives introduced in the capital market master plan to deepen knowledge in market fundamentals.
Minister of Finance, Budget and National Planning, Zainab Ahmed, stated this at the enlightenment workshop/investor clinic for the ministry and agencies under it in Abuja.
The 10- year master plan covers the e-dividend mandate system, direct cash settlement, regularisation of multiple accounts, national investors’ protection fund, recapitalisation of capital market operators and complaint management framework among others.
Ahmed who was represented by Director, Home Finance, Stephen Okon, said the enlightenment was in line with the Securities and Exchange Commission (SEC) market master plan and called for the review of the challenges faced by investors with a view to actualising the objectives of the plan in the next few years.
She said: “It is worthy to know that SEC marked out a 10-year plan for the development of the Nigerian capital market. The objective is to devise strategies for the development of the market in key areas such as investor protection and integration, professionalism and product innovation and expansion of the capital market’s role in the economy.
“SEC deemed it fit to host members of staff of the ministry and agencies under the ministry in a capital market training and workshop with investors.”
Director-General of the commission, Lamido Yuguda, said the event organised by SEC in collaboration with the Financial Literacy Technical Committee (FLTC), is a yearly forum coordinated by the International Organisation of Securities Commissions (IOSCO), which mandates securities regulators globally to commemorate in their respective jurisdictions.
He said SEC, as a member of IOSCO, joined the rest of the world to celebrate the important week with planned activities on enlightening retail investors on their rights and duties and responsibilities while educating them on contemporary issues
According to Yuguda, the Nigerian financial sector is experiencing a resurgence of Ponzi schemes and illegal fund managers, who lure their subscribers with huge and unjustifiable returns on investments.
He said the Commission was poised to continue to seek the cooperation of relevant stakeholders to combat the unlawful schemes.