SEC Reiterates Need for Investor education as key to Market Development

Regulators
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Wednesday, January 28, 2015 9.40AM/SEC

 

Acting Director General of the Securities and Exchange Commission (SEC) Mournir Gwarzo has again emphasized on investors’ education both for retail and institutional to develop the market and improve the level of investment from the domestic side in the country.

 

Gwarzo who spoke in Abuja when he received members of the Fund Managers Association of Nigeria (FMAN) Monday 26 2015, disclosed that one of  the new management’s strategies is to embark on huge public enlightenment programmes with other stakeholders to educate the investing public.

 

He said, “Fund management is close to our heart because it is directly under our purview. In dealing with issues in the market, we will partner with other Self Regulatory Organisations (SROs).

 

“We will collaborate with you anytime we want to commence the enlightenment programme through the use of town hall meetings, radio jingles among others. We are ready to put in money for market development and that is one of the cardinal objectives of this management”.

 

Gwarzo also stated that the management is working to empower SROs and trade groups to enable them handle complaints and deal with them with dispatch. “We have finished the rules on complaints management framework and very soon, it will be exposed. One of the highlights is to allow complaints to be managed at the lower level” .He added that the strategy of the management is not to create new committees but to focus on prescriptions and ensuring that they are executed within reasonable time frame.

Michael Oyebola, President of Fund Managers Association of Nigeria (FMAN) disclosed that Nigerians need to have a lot of understanding about what mutual funds is all about adding that the enlightenment will assist to boost the industry.

 

He said “We have 52 funds in 10 different sectors with the largest being the equity based which presently stand at 45. Between 2008 and 2009, all we had invested in funds was about N19billion, but as at last week, we had N152billion.

 

He promised that the association would work with the SEC on enlightenment of the investing public which he believes would translate into a bigger fund market in the country.

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