The House of Representatives has called on capital market operators to ensure compliance with extant regulations guiding the capital market in line with global best practices.
Chairman, House Committee on Capital Market and other Institutions, Hon. Solomon Bob gave the charge in Abuja, Wednesday during the inauguration of the Sub-Committee on capital market compliance and regulations which was attended by lead Insurance Companies namely: Securities Exchange Commission (SEC), International Energy Insurance (IEI) Limited, African Alliance Insurance PLC and AIICO Insurance Plc and Cornerstone Insurance.
While reiterating the Committee’s plans to initiate dialogues with a view to address sectoral challenges and policy gaps and recommend legislative reforms, Hon. Bob who was represented by his Deputy, Hon. Muktar Umar Zakari harped on the need towards building a robust, efficient, and globally competitive market that serves as a catalyst for national development.
“It is with great honour and a deep sense of responsibility that I stand before you today as the Chairman of the House Committee on Capital Market and Institutions, as we all know our capital market plays a pivotal role in the economic growth and development of our nation, serving as a vital channel for capital format on, wealth creation, and investor confidence.
“As stewards of this sector, we must ensure transparency, accountability, and good governance among all stakeholders.
“The primary objective of this Sub-Committee is to foster a thriving, resilient, and globally competitive capital market that contributes significantly to Nigeria’s economic growth.
“This requires active collaboration between policymakers, regulators, and market participants, ensuring that our legal and regulatory framework aligns with international best practices.
“As we embark on this exercise, I want to assure all stakeholders—regulators, industry players, investors, and the public—that our goal is not to stifle business growth but to facilitate a conducive environment where ethical practices, investor confidence, and economic sustainability are upheld.
“To achieve this, we will conduct periodic hearings and inquiries into the operations of Companies listed on the Stock Exchange, collaborate with regulatory bodies and other generic and specific Regulatory Authorities to ensure compliance with existing laws and policies.
“We will equally engage stakeholders in constructive dialogues to address sectoral challenges and policy gaps and recommend legislative reforms where necessary to enhance the efficiency and competitiveness of our capital markets and listed institutions.
“In line with our oversight duties, we expect all companies listed on the Stock Exchange to maintain full compliance with all extant laws legislated by the National Assembly and maintain full compliance with financial requirements and corporate governance codes.
“We assure you of our commitment to engaging with stakeholders regularly, advocating for policies that enhance market operations, and working towards a Capital Market that meets the aspirations of Nigerians.
“In conclusion, I urge all players in the Nigerian Capital Market to see this engagement as a call to greater responsibility, together, we can build a robust, efficient, and globally competitive market that serves as a catalyst for national development,” he stated.
In his remarks, a member of the Committee, Hon. Gboyega Isiaka noted that Insurance Companies are critical stakeholders of the market market, harped on the need for collaboration to reenergize the sector.
He said: “We are the representatives of the people, the essence of this Committee is to make the capital market vibrant. But we cannot do that like the late Chief MKO Abiola said ‘you cannot clap with one hand’, we cannot do that without listening to you, without hearing from you the areas that you need to tighten up, the laws or regulations that are not good enough that we need to find a way to. So that we can have a vibrant capital market. That is the whole essence of this engagement.”
In his remarks, IEI Chief Finance/Operations Officer, Mr. Uyi Osagie who averred that “Governance is changing”, expressed delight over the collaborative nature that the committee is taking to ensure that we have a vibrant capital market.
He also expressed excitement over ongoing efforts for ensure “collective design of policies and the take home for us is that we intend to build a stronger relationship between the operators and those that are involved in policy making.”
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