SEC seeks automation of capital market processes to guarantee efficiency

SUNRISE NEWS, Lagos, July 20, 2020 The Securities and Exchange Commission (SEC), has expressed its readiness to automate capital market processes to conform to current technological trends to ensure more efficient market.

The Director-General of SEC, Mr Lamido Yuguda said this at a meeting with the Minister of Communication and Digital Economy, Dr Isa Pantami in Abuja on Monday.

In a statement issued by Mrs Efe Ebelo, Head, Corporate Communication of SEC, Yuguda said automating most of the Commission’s processes would also make the market more friendly to investors.

,”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,” Yuguda said.

The SEC boss said that the advent of COVID-19 pandemic lockdown had shown what could be achieved with technology, noting that the capital market had been working in spite of the lockdown and effects of the pandemic.

The director-general said that the commission had during the lockdown activated its Business Continuity Process which ensured it worked remotely, adding that electronic channels remained open to provide the necessary support to capital market stakeholders.

”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,” Yuguda said.

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

The Minister of Communication and Digital Economy, Dr Isa Pantami expressed the readiness of his team to collaborate with SEC in automating capital market processes.

Pantami added that the present administration was committed to promoting a digital economy.