Finance Minister Urges SEC Board On Innovation

The minister of Finance and Coordinating minister of the economy, Wale Edun has urged the new board of the Securities and Exchange Commission (SEC) to embrace innovation in order to be better prepared to regulate a dynamic capital market.

Edun, who stated this during the inauguration of the board in Abuja, yesterday, expressed excitement at the composition of the board and urged the members to put in their best, be courageous, bold, open to innovation and be willing to accept the challenge of regulating new areas.

The finance minister stated that, financial technology and communications are areas that are fast advancing, and with the advent of Artificial Intelligence, digital currency among others, there is a need for the regulator to be knowledgeable to be able to provide guidance and necessary approvals.

Edun told the SEC board to be willing to accept the challenge of regulating in these new areas, particularly, crypto as they are fast moving complex area, adding that they also have to watch out for regulatory arbitrage where a company with a portfolio of huge sophisticated transactions now comes and takes the lowest level of registration that they can just so they can say they are licensed and regulated.

Also, the chairman of the SEC board, Mairiga Katuka assured the minister that the new board will harness their individual and collective expertise, innovation and passion to drive growth in line with the commission’s dual mandate of developing and regulating a capital market that is fair and efficient.

He said, “the board will pursue a comprehensive agenda aimed at advancing the interest of investors safeguarding market integrity, promoting capital formation and enhancing regulatory oversight.

“The nation’s future economic outlook appears positive, driven by reforms put in place by the current administration including robust inflation management, social protection, macroeconomic stability initiatives and improved private sector development. These initiatives would undoubtedly engender economic growth.”

Katuka stated that, in line with the renewed hope agenda of the current administration, he is optimistic about the future of Nigeria’s securities market, adding that, together with diligence, integrity and a shared sense of purpose there is hope of a more prosperous and resilient financial ecosystem.

President Bola Tinubu had on April 19, 2024 approved the appointment of seven persons to the Board of the Securities and Exchange Commission(SEC). ⁣⁣

They include; Mairiga Katuka (chairman of the Board), Emomotimi Agama as director-general, Frana Chukwuogor as executive commissioner (Legal and Enforcement) and Bola Ajomale as executive commissioner (Operations).⁣