The Securities and Exchange Commission (SEC), has restated that the protection of investors in the capital market is a top priority of the commission.
The executive commission operations of SEC, Dayo Obisan stated this when receiving delegation from the Securities and Exchange Commission, Zimbabwe, in Abuja, yesterday.
Obisan stated that the commission has a robust rule making process that is meant to take care of current issues as well as create an enabling environment for innovation to thrive in the capital market. This he stated, will aid the stimulation of growth in the economy, attract more investors to the market as well as ensure that investors are protected.
The SEC executive commission disclosed that the National Assembly is currently in the process of amending the Investments and Securities Act 2007 to make it in tune in current realities.
“We are in the process of amending our enabling law and it has reached an advanced stage in the National Assembly. There is need to review the law because a lot has happened since the law came into effect in 2007. The essence is to capture all new developments that have taken place in the market within the period,” he said.
He stated that, it is the desire of the commission to be in tune with current realities that also necessitated the review of the capital market master plan which came into effect in 2014.
“The plan came into effect in 2014 and was meant to run till 2025. But now we are half way through and we saw the need to amend it. This is because in 2014 our focus was different, fintech was not this bold, crypto currencies and virtual assets were not this prominent.
However, the ever-evolving middle class in Nigeria and its appetite for home ownership keeps the sub sector highly relevant.
Speaking further on this development, Anyogu stated that, his bank was incorporated on 21st July 2004 to carry on business as a Primary Mortgage Institution(PMI).
To him, “we were granted a mortgage banking license by the Central Bank of Nigeria in December 2004 and commenced full operations by 31st January 2005. We have since inception, developed innovative products that have received the approval of the Central Bank of Nigeria(CBN).”
On her part, the MD/CEO, FITC, Ms. Chizor Malize, noted that, “as AGMB journeys into its 20 years of operation, led by its visionary and transformational leader, its vision is to transform into a clear market leader. FITC, the world-class, innovation led, and technology driven knowledge institution, and primary partner to the Nigerian financial services sector, offering top notch and cutting-edge knowledge solutions through our capacity development and Advisory interventions, is the obvious partner of choice, and best poised to catalyze that vision to take AGMB to the next level’’ Malize said.
Reacting further, Malize noted that, FITC, having recently undergone organisational transformation, shall be applying their game changing formula; the 6Ps (Programme, Platform, People, Process, Performance and Positioning) in redesigning and re-engineering AGMB towards dynamism, innovation, and longevity.
“We are indeed excited to be embarking on this new journey with AGMB and to be extending our impact in the Nigerian Financial services landscape and across all sub sectors therein. We are ready to serve!” she noted.
In Nigeria, she said, the regulatory outlook continues to evolve, requiring players to be agile, innovative, and to play by the rules, adding that, regulations and frameworks encouraging competitive markets are also a motivation to reposition for competitive advantage and outperform competitors.
The FITC/AG Mortgage Bank project, which is set to commence in the current month, will cover Organisational Restructuring including Board Assessment and Governance Evaluation gap analysis & benchmarking, Organisational Audit and Design, including People, Structure and Performance, as well as product, Channel Audit and Design.
The project will be delivered by the FITC Advisory Unit. FITC Advisory tailors’ unique industry and clients’ specific solutions to unlock value, transform organisations optimise talents for competitive advantage through their technology, HR & Talent Management, Governance & Board Strategy, and Data analytics services, which have been redesigned, refocused, and re-engineered for agility and innovation.
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