National Wire About Nigerians, Nigerian Business and Other Stories
The SEC DG recalled that during the last CMC in 2021, Colonel Bala Fakandu of the Office of National Security Adviser (ONSA) sensitized members on the implementation of the National Cybersecurity Policy and Strategy for the finance and capital market sector.
He said that the issue of cybersecurity is becoming increasingly important globally as many of the activities of individuals and organisations now being conducted digitally more than ever before.
The SEC DG told journalists that while this has significantly raised efficiency level, it has triggered a new set of risks which the commission must recognize and guard against.
This, according to him, necessitated the need to work towards a sectoral strategy for tackling these risks.
He said, “The issue of cybersecurity is becoming increasingly important globally. Many of our activities as individuals and organizations are now conducted digitally more than ever before.
“While this has significantly raised our efficiency level, it has triggered a new set of risks which we must recognize and guard against. We are working towards a sectoral strategy for tackling these risks.”
Yuguda said the Commission will continue to enhance the existing regulatory framework guiding the operations of the market by keeping pace with the evolving changes in market practices, especially with the advent of Financial Technology which has significantly altered the ways and means of transacting business in the capital market.
He added that the Commission will in the nearest future be extending an invitation to all market stakeholders for the launch of the revised Masterplan.
On the issue of transaction fees which were non-existent or negligible in the debt capital market, the SEC DG said the cost of regulation was relatively the same as in other instruments and markets.
This, he noted, is in addition to the fact that tax advantage gave the market some support, allowing it to grow.
He added, “This support was largely financed by fees from other segments of the Capital Market. We believe that the debt capital market has grown tremendously and is mature enough to contribute to the cost of regulating the Nigerian capital market, ensuring it remains safe and fair to all participants.
“As such, the Commission introduced a regulatory fee structure on secondary market transactions in debt instruments, which took effect from January 1, 2022.”
Photo Captions: From Left–CEO FSD Africa Mr Mike Napier, Capital Market Specialist FSD Africa Mr Adebayo Araoye and Director General Securities and Exchage Commission Mr Lamido Yuguda during a Meeting between The SEC and FSD Africa held in Abuja yesterday 7/4/22
