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NASS, stakeholders call for increased synergy for local, foreign investment in capital market

NASS, stakeholders call for increased synergy for local, foreign investment in capital market

Jonas Ezieke, Abuja

The National Assembly and the Securities and Exchange Commission, SEC, have called for increased collaboration and synergy between the regulators, investors, operators and other players in the nation’s capital market so that it would serve as the catalyst for the growth and development of the nation’s economy.

President of the Senate Dr. Bukola Saraki and Speaker of the House of Representatives Hon. Yakubu Dogara made the call during a stakeholders forum organised by the Joint Senate and the House Committees on Capital Market and Institutions with SEC and other stakeholders in attendance on Monday in the nation’s capital.

Saraki who was represented by the Senate Minority Whip Sen. Philip Aduda called for greater collaboration amongst the key players in the nation’s capital market so that it would stimulate both local and foreign direct investments in the country.

On his own part Speaker Dogara who was represented by the House Deputy Whip Hon. Pally Iriase called for continued collaboration between the organised private sector and the relevant Committees of the National Assembly on Capital Market for the growth of the sector.

The Speaker hinted that most of the legislative interventions of the National Assembly particularly the ongoing demutualization of the stock exchange, amendment of Companies and Allied Matters Act CAMA, Ports and Harbours Act and other pieces of legislation are intended to strengthen the organise private sector for the growth of the economy.

While the duo also reiterated the need for a stronger regulation of the payers in the nation’s capital market by the regulators of the industry, the speaker also reassured of the commitment of the House to provide an enabling environment for investors to invest their capital and reacoup their investment into the sector.

Earlier in their opening remarks, chairman of the National Assembly Joint Committee on Capital Market and Institutions Sen. Foster Ogola and his counterpart in the House Hon.Tajudeen Yusuf said that legislative interventions are needed to strengthen the operations of the capital market.

The lawmakers also pointed out the need for a strong security tribunal to sanction infractions by operators in the capital market segment of the nation’s economy.He also identified stocks and bonds as the major instruments to drive the growth of the nations’s capital market and added that only the bond market stood at N1.3 trillion in 2017.

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