Yuguda harps on automation of capital market processes

Lamido Yuguda, SEC Director General

THE Director-General of Securities and Exchange Commission (SEC), Mr Lamido Yuguda has expressed readiness to automate capital market processes to conform with current technological trends to ensure a more efficient market.

At a meeting with the Minister of Communication and Digital Economy, Dr. Isa Pantami in Abuja on Monday, Yuguda said automating most of the SEC’s processes would also make the market more friendly to investors.

In a statement issued by the Head, Corporate Communication of SEC, Mrs Efe Ebelo, the Director General stated that, “presently, we have a lot of documents and papers being brought to the Commission for one approval or the other.

 ”We think that if we can digitise our processes and these documents are transmitted to us electronically, it will make it easier for the market that we regulate and also stimulate growth.

“If we can achieve this, it will also reduce cost and increase efficiency, that is why we are here today to discuss with you on areas we can work together to achieve this.”

He stated further that the advent of COVID-19 had shown what could be achieved with technology and that the capital market had remained functional in spite of the lockdown and effects of the pandemic.

According to Yuguda, during the lockdown, the commission activated its Business Continuity Process, which ensured it worked remotely and the electronic channels remained open to provide necessary support to capital market stakeholders. 

He noted: ”Companies should also continue to disclose their trend and outlook, and updates on implementation of their business continuity plans.

”Public companies are to publish these disclosures on their websites and on other relevant media.”

He assured that the commission would continue to engage and collaborate with all stakeholders to ensure that the capital market remained resilient.

Pantami expressed the readiness of his team to collaborate with SEC in automating capital market processes, just as the government was committed to promoting a digital economy. (NAN)


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