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Monday, July 20, 2020, 04:49
PM / by SEC Nigeria/ Header Image Credit:
The Securities and Exchange
Commission, SEC has expressed its desire to automate its processes in a bid to
conform to current technological trends the world over as well as ensure a more
efficient capital market.
Director General of the SEC, Mr.
Lamido Yuguda who stated this during a meeting with the Minister for
Communication and Digital Economy, Mr. Isa Ali Pantami in Abuja, Monday, said
automating most of the Commission's processes would also make the capital
market more friendly to investors.
Yuguda said, "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 digitalise 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 that, 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.
The SEC Boss stated that the advent
of COVID-19 has shown what can be achieved with technology, as during the
period since March, the capital market has been working in spite of lockdowns
and effects of the pandemic.
"Remember that when the lockdown
started, the Commission activated its Business Continuity Process which saw
staff of the Commission working remotely while all our electronic channels
remain open to provide the necessary support to capital market stakeholders.
"They should also continue
to disclose the trend and outlook for the company, and updates on
implementation of business continuity plans. Public companies are to publish
these disclosures on their websites and on other relevant media.
"We also told Public companies
who plan to conduct AGMs to ensure that the conduct of the meetings comply with
the provisions of the Companies and Allied Matters Act, the Investments and
Securities Act, the SEC Rules and Regulations, relevant government and health
circulars and guidelines issued in this regard.
The SEC DG stated that it will
continue to engage and collaborate with all stakeholders to ensure that the
capital market remains resilient.
In his remarks, the Minister for
Communication and Digital Economy, Mr. Isa Ali Pantami expressed the readiness
of his team to collaborate with the SEC in automating its processes, adding
that the present administration is committed to promoting a digital economy.
He said "With this lockdown, we
have seen the advantages of digitalisation of processes, that is what has kept
us going when everyone was locked down in their homes. We are currently at the
forefront of promoting digital economy.
"We are very happy to look into
areas that we can assist in digitalising your activities to ensure a better
capital market. Digitalisation will certainly make processes easier and that is
why we are championing it.
Pantemi said even the Federal
Executive Council, FEC has embraced technology as its meetings are now held
virtually due to COVID-19.
"Mr. President has embraced it
fully and same with the Honourable Minister for Finance, Budget and National
Planning, Mrs Zainab Ahmed, who is very passionate about technology and we know
that she will support the SEC in this drive. It is even safer to automate and
there is no better time than now to do it. We need to sit down and brainstorm
on the model that will work well for the SEC and come up with modalities on how
to deploy it" he added.
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