FG Seeks Protection for Investors
- By Simeon Ogoegbulem
- Published May 31st, 2010
- News
- Unrated
The federal government has assured that it would henceforth ensure investors are protected by the regulators of the market. The government will also hold regulators to non-negotiable minimum standards of conduct in order to build a capital market that is strong, fair, efficient and robust.
Remi Babalola, minister of state for finance, who gave the assurance in Abuja while inaugurating two committees to review the Investments and Securities Act (ISA) 2007 and design a code of governance for capital market regulators, also restated the need for the regulatory and enforcement framework to be strong enough to avoid future breaches in securities law as contained in the Act.
The Committee to Design Code of Corporate Governance for Capital Market Regulators is headed by Mr. Fola Adeola, former chairman of the National Pension Commission (PenCom), while Dr. Konyinsola Ajayi (SAN) is the chairman of the Committee to Review ISA Act 2007.
Babalola noted that regulatory lapses have been highlighted globally as a downside risk for the unusual market downturn, adding that these regulatory procedures have now become the subject of examination and criticism. He stated that government must ensure adequate steps are taken to sustain investor confidence and build a market hinged on integrity and full disclosure.
The minister emphasised the need to subject the overarching law to constant updates, pointing out that it would help to leverage on the capital market to boost entrepreneurship, support the real sector and reduce the level of unemployment in the country.
He noted that the two committees were being set up in line with government determination to transform the capital market to a reference point in Africa where there is investor confidence, market integrity, sound regulatory framework and international standard of corporate governance.
“Under our leadership, there is a strategic transformation agenda for Securities and Exchange Commission as well as the Nigerian Stock Exchange to enhance the performance and contribution of the Nigeria’s capital market,” he said. “We enjoin the two organisations to ensure prompt implementation.” The two Committees have one month to submit their reports for consideration by the federal ministries of finance and justice as well as for onward submission to the Federal Executive Council.
Members of the 10-man committee to design code of governance for capital market regulators include: Chief Executive Officer of FBN Investment Banking & Asset Management, Mr. Osaze Osifo (vice-chairman of the committee); Alhaji Gidado Mohammed, director of homes finance in the ministry of finance, (secretary); Mrs. O.O. Moore, director of legal in the finance ministry; Mr. Charles Udora, SEC Commissioner (Compliance and Enforcement) among others.
The committee to Review the ISA 2007 is made up of 17 members among whom areMr. Asue Ighodalo of Banwo & Ighodalo, solicitors (vice-chairman of the committee); Mrs. O.O. Moore; director of legal in the finance ministry.
Remi Babalola, minister of state for finance, who gave the assurance in Abuja while inaugurating two committees to review the Investments and Securities Act (ISA) 2007 and design a code of governance for capital market regulators, also restated the need for the regulatory and enforcement framework to be strong enough to avoid future breaches in securities law as contained in the Act.
The Committee to Design Code of Corporate Governance for Capital Market Regulators is headed by Mr. Fola Adeola, former chairman of the National Pension Commission (PenCom), while Dr. Konyinsola Ajayi (SAN) is the chairman of the Committee to Review ISA Act 2007.
Babalola noted that regulatory lapses have been highlighted globally as a downside risk for the unusual market downturn, adding that these regulatory procedures have now become the subject of examination and criticism. He stated that government must ensure adequate steps are taken to sustain investor confidence and build a market hinged on integrity and full disclosure.
The minister emphasised the need to subject the overarching law to constant updates, pointing out that it would help to leverage on the capital market to boost entrepreneurship, support the real sector and reduce the level of unemployment in the country.
He noted that the two committees were being set up in line with government determination to transform the capital market to a reference point in Africa where there is investor confidence, market integrity, sound regulatory framework and international standard of corporate governance.
“Under our leadership, there is a strategic transformation agenda for Securities and Exchange Commission as well as the Nigerian Stock Exchange to enhance the performance and contribution of the Nigeria’s capital market,” he said. “We enjoin the two organisations to ensure prompt implementation.” The two Committees have one month to submit their reports for consideration by the federal ministries of finance and justice as well as for onward submission to the Federal Executive Council.
Members of the 10-man committee to design code of governance for capital market regulators include: Chief Executive Officer of FBN Investment Banking & Asset Management, Mr. Osaze Osifo (vice-chairman of the committee); Alhaji Gidado Mohammed, director of homes finance in the ministry of finance, (secretary); Mrs. O.O. Moore, director of legal in the finance ministry; Mr. Charles Udora, SEC Commissioner (Compliance and Enforcement) among others.
The committee to Review the ISA 2007 is made up of 17 members among whom areMr. Asue Ighodalo of Banwo & Ighodalo, solicitors (vice-chairman of the committee); Mrs. O.O. Moore; director of legal in the finance ministry.
