By Obas Esiedesa, Abuja

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has charged the new Securities and Exchange Commission (SEC) board to embrace innovation in order 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.

Speaking at the inauguration ceremony in Abuja, Mr. Edun expressed his excitement at the composition of the board, noting that its members were well-equipped to handle the task ahead. He emphasized the importance of innovation in regulating the capital market, saying, “Embrace innovation to be better prepared to regulate a dynamic 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, digital currency among others, there is a need for the regulator to be knowledgeable to be able to provide guidance and necessary approvals.

According to him, “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 technology. The area that is advancing at a fast pace is financial technology, communications, artificial intelligence, crypto, digital currency, 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, Chairman of the SEC Board, Mr. 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 of a more prosperous and resilient financial ecosystem.

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

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