FG inaugurates SEC board, says financial market must be secured

The federal government has inaugurated the new board members of the Securities and Exchange Commission (SEC).

In a statement on Tuesday, Mohammed Manga, director, information and public relations, ministry of finance, said the federal government charged the new board members to explore innovative mechanisms.

Manga said Mairiga Katuka was named the chairman of SEC and Emomotimi Agama as director-general of the commission.

Other newly-inaugurated members are Frana Chukwuogor as executive commissioner (legal and enforcement); Bola Ajomale, executive commissioner (operations); Samiya Usman, executive commissioner (corporate services); Lekan Belo and Kasimu Garba Kurfi as non-executive commissioners.

During the inauguration at his office, Wale Edun, minister of finance and coordinating minister of the economy, said one of the key objectives of President Bola Tinubu’s administration was ensuring that fiscal policies aimed at financial market rules were implemented to improve Nigeria’s economic growth and development.

“Let me remind you and charge you also that, SEC, being the apex financial market and key regulators in foreign exchange financial market, Capital market and cooperative operators, need to be innovative as well as improve on technology to mitigate the financial market challenges in line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration,” he said. 

The minister urged the board to focus on the rapidly evolving crypto space to safeguard the investment public and the general public.

“Let me urge you again to focus on crypto areas and develop a master plan for proper implementation by ensuring that they are regulated according to the guidelines,” Edun said. 

While congratulating them on their appointment, Edun said the board members were chosen carefully based on their track record.

He expressed optimism that with the pedigree of the board members, SEC was sure to witness the desired transformation.

The minister, therefore, called on them to ensure that they bring their wealth of experience to bear in the realisation of the policy objectives of the present administration.

‘STRONGER, MORE RESILIENT FINANCIAL ECOSYSTEM’ 

Katuka thanked the president for finding them worthy to assume the office of trust and responsibility.

He underscored his predecessor’s efforts that resulted in the remarkable achievements which repositioned the commission as a regulating agency and pledged to create a stronger and more resilient financial ecosystem, in line with the commission’s mandate as well as the renewed hope agenda of the present administration.

Katuka assured that board members will utilise their individual expertise and innovative ideas as well as their wealth of experience to ensure the government’s policy objectives are realised.

The new board chairman emphasised that the board would pursue a comprehensive agenda that would protect market integrity, foster capital formation, advance investor interests, and improve regulatory oversight.

He said to fulfil its objectives, the board would keep working with relevant parties to guarantee open communication and cooperative efforts.

Katuka assured the board would live up to the confidence reposed on them. 

He expressed optimism that the future of the Nigerian security market is sure to chart a new course towards a more affluent and resilient financial ecosystem. 

Katuka said this is especially with the reforms and policies put in place by the present administration which includes robust inflation management, macro-economic innovations and stronger private sector development.